RealTime IT News

InnoMedia Bags $115.5 Million in Financing

Singapore-based voice-over-IP supplier InnoMedia Wednesday brought in $115.5 million in its most recent round of venture capital financing.

The funds will go to expansions of InnoMedia's engineering resources, more marketing efforts, and support of the company's VoIP network to ensure that it meets the estimated demand increase.

Lead institutional investor Vertex Management was joined by Goldman Sachs, Walden International Investment Group, EDB Investments Pte Ltd., with strategic partners Creative Technology Ltd. (CREAF) and Sega Enterprises/CSK Corp. group members CSK Venture Capital and ISAO Corp. also contributing. InnoMedia chairman, CEO and co-founder Kai-Wa Ng and Creative Technology chairman and CEO Sim Wong Hoo kicked in with their own individual investments.

"We are excited to be a partner with InnoMedia. The company has positioned itself for long-term success with its strategy of offering end-to-end Internet telephony solutions," said Shirley Lin, managing director, Goldman Sachs (Asia) L.L.C. "As one of the world's largest investment banking firms and investors in technology companies worldwide, we see a lot of exciting emerging technologies. We think Internet telephony is a promising sector and InnoMedia is a leader in this market."

Fellow Singapore-based company Creative Technology also promised to bring a "strong working relationship" to the alliance, and with Creative's prominence as an Asian PC tech and Internet power, its backing could prove to be key.

InnoMedia operates in Singapore, Taiwan, China and the United States. Vertex is the $600 million vested VC arm of Singapore Technologies Group, with its latest fund expected to close in April. EDB Investments is also locally based as the investment arm of the Singapore Economic Development Board.