Investment and Collaboration to boost Innowireless Innovation in Korea
SEOUL, South Korea, Nov. 27, 2007 - Intel Capital, Intel’s global investment organization, announced plans to invest US$8 million in Innowireless, a leading provider of wireless test and measurement solutions. Intel Corporation and Innowireless will collaborate on WiMAX deployment in Korea. Innowireless is a KOSDAQ listed public company with over $95M market capitalization.
The investment will enhance Innowireless' overall business expansion and contribute to Intel’s emerging WiMAX ecosystem. The collaboration between the two companies will help drive WiMAX system development and service deployment worldwide. Innowireless developed the world’s first mobile WiMAX terminal measurement tool in 2006 and currently provides wireless network optimization and device measurement tools for wireless carriers, system vendors, and device vendors.
"Our investment in Innowireless demonstrates Intel Capital's support of Korean innovation and our commitment to developing WiMAX technologies and wireless initiatives around the world," said Arvind Sodhani, president of Intel Capital. "Intel Capital’s ongoing mission is to invest in global technology innovation and we believe this transaction will contribute to the growth of Korea’s wireless and IT industry."
"Through our collaboration with one of the leading providers of wireless technologies in Korea, we hope to help Innowireless penetrate new market segments worldwide while leveraging its strong research and development capabilities and established networks," added Cadol Cheung, managing director of Intel Capital Asia Pacific.
The two parties will collaborate to promote solutions based on distinct Intel and Innowireless competitive advantages to enhance the WiMAX platform. Intel will also support Innowireless in marketing its solutions globally by connecting Innowireless with service providers, system and device vendors, and other ecosystem collaborators.
"We are delighted to forge this relationship with Intel Capital," said Jongtae Chung, CEO of Innowireless. "It is a testament to our achievements and ambitions in the wireless arena. This represents the next phase of our growth and will take Innowireless beyond our traditional boundaries and enable us to maintain our technological leadership. We believe Intel's business cooperation and strategic investment will help elevate the appeal of our products and technologies."
About Innowireless
Legend Silicon Innowireless Co., Ltd was founded in 2000 and is a Korea-based manufacturer specialized in the provision of wire and wireless tele-communication testing equipment and mobile WiMAX testing solutions. The company provides radio network optimization tools which monitors wireless network performance for circuit and packet data network in real time and enables to solve network problems; end to end testing equipment for radio network that collects and analyzes data from various network nodes of wireless networks; and other related products used to monitor Wireless Network performance. Subsequently, Innowireless has unveiled what its deemed the World’s first mobile terminal testing equipment for Mobile WiMAX and its equipment is designed for the complete analysis of mobile terminals offering a range of automatic analysis and measurement features both on performance and functionality of mobile terminals. For more information on Innowireless, please refer to: www.innowireless.com.
About Intel Capital
Intel Capital, Intel's global investment organization, makes equity investments in innovative technology start-ups and companies worldwide. Intel Capital invests in a broad range of companies offering hardware, software and services targeting enterprise, home, mobility, health, consumer Internet, semiconductor manufacturing, and cleantech. Since 1991, Intel Capital has invested more than US$6 billion in approximately 1,000 companies in more than 40 countries. In that timeframe, about 157 portfolio companies have gone public on various exchanges around the world and another 187 have been acquired by other companies. In 2006, Intel Capital invested about US$1.07 billion in 163 deals with approximately 60 percent of funds (excluding Clearwire) invested outside the United States. For more information on Intel Capital and its differentiated advantages, visit http://www.intelcapital.com/
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