Date:30/08/2006 URL: http://www.thehindubusinessline.com/2006/08/30/stories/2006083004060400.htm

Back Moveo's closure of seed funding

Our Bureau

Bangalore, Aug.29.

Moveo Systems, a start-up developing innovative next generation mobile solutions, announced on Tuesday the closing of its seed round of funding of $1 million and the establishment of its first research and development centre here.

Mr Sankalp Saxena, who was a global Senior Vice-President and Chairman and Managing Director of Macromedia India and i2 Technologies India respectively, is the founder of the company.

"Innovation driven leadership coupled with compelling interactive mobile solutions was the catalyst for our investment in Moveo," said Mr Ishwar Subramanian, Managing Director of Akzo Nobel, on behalf of the seed investors.

"We are confident of Moveo's success as their solutions fill a void in the mobile landscape by providing highly differentiated communication methods by which companies can reach out to both their internal and external stakeholders." The seed investors are seasoned executives across a diverse cross-section of both multi-national and Indian companies, such as General Electric, IBM, FeatherLite and others.