Sasken-IDG Ventures to invest in 'ConnectM'

Bangalore, June 27: Sasken Communication Technologies Ltd. (Sasken), India' s leading embedded communications solutions Company and IDG Ventures India, a $150 million technology venture capital fund, today announced the launch of ConnectM Technology Solutions Pvt Ltd (ConnectM) for providing Machine 2 Machine (M2M) enabled solutions to global markets.

Commenting on the Sasken - IDG Ventures Company, Mr. Rajiv Mody, Chairman and CEO, Sasken Communication Technologies Limited, said, " Sasken has been focused on embedded communication solutions with significant expertise in mobile devices/ handsets. Through ConnectM, we will leverage our expertise to address corporate customers in Transportation, Utilities, Industrial, Enterprise markets. ConnectM will provide one more axis of growth for Sasken".

"IDG Ventures has added tremendous value in incubating ConnectM and building the business plan based on their knowledge and experience in this market," continued Mr. Rajiv Mody.

Commenting on the new venture, Mr. Sudhir Sethi, Vice Chairman and Managing Director, IDG Ventures India , said, "The ConnectM spin out is the result of a true collaborative partnership between Sasken and IDG Ventures India. ConnectM is a niche player in the growing remote diagnostic and monitoring market and is well positioned to lead in this space. ConnectM will enable clients to benefit from increased availability through remote after market applications enabling predictive maintenance powered by M2M".

"We aim to launch additional innovative start ups in line with our early and seed stage investment strategy," added Mr. Sudhir Sethi.

The addressable market is expected to scale to $13Bn by 2010. ConnectM's vertical industry segments include Transportation, Utilities, Industrial, Enterprise and segments enabled by M2M. Specifically within transportation, ConnectM addresses the aerospace, automobiles and railroad markets. ConnectM's service offerings range from fleet management, telematics, remote asset management, energy usage optimization, pilferages&theft tracking, to after market services and remote monitoring.

ConnectM is led by Mr. Kumar Prabhas as the CEO. He joins the spin out along with the founding team of delivery, strategy, finance and marketing from Sasken. "We expect to kick-off our first customer engagement by the end of this year," said Mr. Kumar Prabhas.

"Our first set of service offerings being launched targets aerospace as well as railroad and auto sectors. We are targeting airlines, MRO companies, aircraft engine makers, power generation turbine manufactures including wind energy," continued Mr. Kumar Prabhas.

Mr. Rajiv Mody, Chairman and CEO, Sasken, will be joining the ConnectM board as the Chairman. Also joining the ConnectM board are Mr. Sudhir Sethi, Vice Chairman&Managing Director, IDG Ventures, Dr. G. Venkatesh, Executive Director&Corporate Chief Technology Officer/Chief Strategy Officer, Sasken and Mr. T.C.Meenakshisundaram, Executive Director, IDG Ventures.

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