Bangalore, March 25 (IANS) Computer chip maker Intel's investment arm, Intel Capital has invested $23 million (Rs.115 crore) in three technology firms to foster innovation in India, the company said Thursday.
The three firms are July Systems, KLG Systel and MCX.
Intel Capital, however, did not disclose the investment in each of the firms, claiming confidentiality.
The company issued a statement here that funding would be drawn from the Intel Capital India Technology Fund floated in 2005.
"The investments will stimulate local technology innovation and reinforces our commitment towards fostering Indian innovation," Intel Capital president Arvind Sodhani said.
Bangalore-based July Systems provides mobile internet solutions, which enable media brands to publish, distribute, monetise inventory and personalise services for consumers.
Gurgaon-based KLG Systel provides smart grid and energy management and efficiency solutions to power utilities and end-users.
Mumbai-based MCX is a leading commodity futures electronic exchange and is well-known for facilitating online trading, clearing and settlement operations for futures market across the country.
"We believe India is poised for the next phase of growth. Our investment will help with global resources, knowledge and expertise to assist these companies with their growth and success," Sodhani said.
July Systems, which developed the industry's first mobile 3.0 publishing platform, plans to use the funds to grow its sales, business development and operations teams in North American and the Asia Pacific regions.
"Intel investment will allow us to strengthen its position by investing in technology, operations and expanding our team," July founder and chief executive Rajesh Reddy said.
KLG Systel developed Connectgaia.com and SG 61 technologies, which allow monitoring and control of electrical devices remotely over the internet. The company is developing a smart grid and energy efficiency device based around the Intel Atom processor.
"Intel investment will enable us to access the latest technologies to upgrade our Connectgaia.com and SG 61 technologies on the Intel Atom chipset. We will be able to provide innovative solutions to address the issues of global warming and CO2 emissions by reducing and optimising usage of energy across the electricity supply chain," KLG director Kumud Goel said.
The investment in MCX was made by taking an unspecified equity stake via a secondary transaction with an MCX investor.
Intel and MCX plan to work together to advance technology adoption in hinterland, where MCX and its sister firms have a reach through a network of 4,000 bulk warehouses and extensive broker network.
Since 1998, Intel Capital invested about $200 million (Rs.9,104.17 million) in Indian tech firms across 10 cities.