Tie-Up Between Singaporean and Japanese Leading Edge Technology Firms
Neoteny Links Up with Top Singaporean Research Lab
SINGAPORE, Jan. 18 /PRNewswire/ -- Neoteny, Co., Ltd., Japan's leading early stage technology investment firm (Head Office: Akasaka, Tokyo; President: Joichi Ito) and Kent Ridge Digital Labs (KRDL), one of Asia's leading software research institutes, signed a Memorandum of Understanding today on setting up a strategic alliance to bring new high-tech start-ups to market. This alliance will focus primarily on market acceleration of their respective spin-offs in each other's market.
With this arrangement, Neoteny will also be able to leverage KRDL's intellectual property (IP) bank of technologies and in turn, KRDL spin-offs will have easier access into the Japanese market. KRDL start-up projects can now be incubated in Neoteny, leveraging on Neoteny's business and expert network, with reciprocal arrangements in Singapore for Neoteny start-ups. KRDL in Singapore thus becomes Neoteny's first step in building an international network of high quality investment partners.
KRDL and Neoteny will promote further collaboration in both government and venture communities. Both parties will facilitate information exchange and gain access to each other's expertise through regular reciprocal visits and seminars, thus building an exchange platform for industry and market information, and business opportunities.
Says Mr. Joichi Ito, President of Neoteny, "Unlike many business models and market driven investment and development firms, KRDL and Neoteny believe that technology and the fundamental value created by research and development is our core business. KRDL's broad access to the research communities of China, India and South East Asia, combined with Neoteny's ability to build businesses in the large yet difficult to penetrate Japanese market is a perfect match."
Several start-ups are currently being evaluated for this market acceleration program in Japan. The first to be selected are TrustCopy, a start-up from KRDL that enables secure document delivery, printing with authenticity, security, non-repudiation and confidentiality and Logismatic, another KRDL start-up, which has developed a suite of e-fulfillment software and web-hosted applications for supply chain management.
Dr. Juzar Motiwalla, KRDL CEO said, "KRDL and Neoteny have common mindset and pro-entrepreneur approaches in embracing adventure and risk. This is a mutually beneficial relationship building on each other's strengths in technology, industry focus, links to venture capital companies and geographical positioning."
About Kent Ridge Digital Labs (KRDL)
Formed in early 1998 as a result of the merger of two leading information technology (IT) research institutes in Singapore, KRDL has quickly established itself as one of the most dynamic software labs in Asia. Since its formation, it was directly responsible for over 10 spin-offs founded by its staff utilizing KRDL technologies. These companies have attracted investments of S$85 million in total. KRDL has clearly demonstrated the synergy to turn creative ideas into commercial realities. Its team of 250 research scientists from all over the world is geared to dedicating their talents to creating successful businesses.
Additional information on KRDL is available at krdl.org.sg.
About Neoteny
Neoteny was founded in 1997 and became a stock company in December 1999, with investments from the oldest US venture firm, Whitney & Co, based in Connecticut and from the Internet Super Carrier, PSINet Inc. (Nasdaq: PSIX), based in Herndon, Virginia. It has a mission to build, develop and operate start-up Internet businesses in Japan. Since January 2000, Neoteny has invested in and developed a portfolio of 12 leading Internet-related businesses in emerging market sectors. In addition to stand-alone companies, Neoteny works with leading blue-chip Japanese corporations, assisting these corporations in leveraging their assets to create new opportunities and to maximize their value in an Internet environment. To achieve its tasks of incubation and development of new ideas, Neoteny has assembled a team of 40 business professionals in Japan with diverse backgrounds.
Additional information on Neoteny is available at neoteny.com.
SOURCE Neoteny, Co., Ltd.
CO: Neoteny, Co., Ltd.; Kent Ridge Digital Labs; Whitney & Co; PSINet Inc.
ST: Singapore, Japan, Virginia, Connecticut
IN: FIN MLM STW
SU: JVN
01/18/2001 02:00 EST prnewswire.com |
