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Updated: March 25, 2010 16:45 IST

Intel Capital invests USD 23 million in Indian tech firms

PTI
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A file photo of Executive Vice-President, Intel Corporation and President, Intel Capital Arvind Sodhani.
PTI A file photo of Executive Vice-President, Intel Corporation and President, Intel Capital Arvind Sodhani.

Intel Capital, Intel Corporation’s global investment unit, on Thursday said it has invested USD 23 million in three Indian technology companies - July Systems, KLG Systel and MCX.

However, the firm did not reveal the amount the three companies have received individually.

Funding would come from the USD 250 million Intel Capital India Technology Fund, established in December 2005, Intel Capital said in a statement.

“This fund invests in Indian technology companies to stimulate local technology innovation and the continued growth of India’s information technology industry,” it said.

July Systems provides mobile internet solutions, which enables media brands to publish, distribute, monetise inventory and personalise services for consumers.

KLG Systel provides smart grid and energy management and efficiency solutions to power utilities and end-users.

MCX, a leading commodity futures electronic exchange in India, has permanent recognition from the Indian government for facilitating online trading, clearing and settlement operations for futures market across the country.

“Intel Capital’s investment in July Systems, KLG Systel and MCX reinforces our commitment towards fostering Indian innovation,” President of Intel Capital and Executive Vice- president of Intel Arvind Sodhani said.

Since 1998, Intel Capital has invested more than USD 200 million in Indian technology companies across 10 cities, the statement added.

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