Hong Kong Govt Fund Awards US$1 M To Local Company
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A Hong Kong firm specializing in Internet communication systems for the hospitality industry, I-Quest Corp., is the newest beneficiary of the Hong Kong Government's Applied Research Fund.
I-Quest has received HK$7.8 million (US$1 million) from the HK$750 million venture capital fund which aims to nurture the local high-tech industry.
The company will use the investment to expand and accelerate installation of its WorldRoom workstations and its new laptop connectivity solution, WorldRoom Connect!.
"I-Quest has developed a valuable service for travelling executives in Asia giving a welcome boost to the hotel industry around the region." said Hanson Cheah, executive director of AsiaTech Ventures, a venture capital firm which manages part of the fund on behalf of the government.
The funding will accelerate deployment of I-Quest Corp.'s WorldRoom Connect! solution, which provides high-speed, plug-and-play Internet access for laptop-reliant business travelers. I-Quest Corporation relies on existing telephone wires to deliver its high-speed solution.
"By targeting the high-end hotel sector to provide value-added services to business executives, I-Quest helps leading hotels to differentiate their service and add value," Cheah said.
"We are delighted to receive this support from AsiaTech Ventures and from the Hong Kong Government," said Anthony Blass, chief executive officer of I-Quest Corp. "It represents a terrific endorsement, not only of the strength of I-Quest but it also acknowledges the value and viability of the products we have developed."
Founded in Hong Kong in 1996, I-Quest Corp. has grown since then with 40 staff employed in its Hong Kong headquarters and offices in Manila and Singapore.