US$125,000 in Venture Financing to Demach
Software India Private Limited, Winner of the
QPrize 2014 India Regional Finals Competition,
and US$75000 to Runner-Up Mavin
Technologies Private Limited
–Demach Software India Private Limited Will Advance to the QPrize Global Grand Finals Competition to Compete for an Additional US$150,000 Grand Prize –
–BENGALURU– May 28, 2014 – Qualcomm Incorporated, through its venture investment arm, Qualcomm Ventures, today announced the India finalist in its international Qualcomm Ventures QPrize™ 2014 venture investment competition. Qualcomm and Accel Partners each contributed US$100,000 for the combined winner and runner-up prizes. As the winner of the regional finals competition, Demach Software India Private Limited, based in Chennai, will receive US$125,000 in venture financing to expand its business. The company was selected based on the merits of the technology innovation, its industry potential, the company’s management capabilities and the attainability of the proposal’s financial projections. The victory enables Demach Software India Private Limited to move forward in the competition and compete against other regional champions for an additional US$150,000 in venture financing at the QPrize Global Grand Prize competition, taking place June 9-10, 2014 at Bloomberg’s Next Big Thing Summit in San Francisco, California. Mavin Technologies was awarded US$75,000 in venture financing as the runner-up in the regional finals competition.
Sponsors and contributors for the QPrize India 2014 competition include Accel Partners, Persistent Systems and One97 Mobility Fund.
The four winners at the India level are
QPrize India 2014 winner: Demach Software India Private Limited, Chennai
QPrize India 2014 Runner-up: Mavin Technologies Private Limited, Gurgaon
QPrize One97 Winner: LivQuik Technology (India) Private Limited, Mumbai
QPrize Persistent Winner: CarIQ Technologies Pvt. Ltd, Pune
Demach Software India Private Limited won the competition with Konotor, a unique user engagement platform for mobile apps that taps into the power of in-app messaging.
“The pace of innovation has never been greater. This year’s QPrize finalists are a testament to the type of great ideas that are developing into potentially game changing start-ups,” said Karthee Madasamy, managing director, India and Israel of Qualcomm Ventures. “Demach Software India Private Limited embodies the spirit of entrepreneurship. We congratulate them on their accomplishments and look forward to seeing them in the Grand Prize competition.”
Subrata Mitra, Partner at Accel Partners said, “At Accel we have collaborated with some of the best seed & early-stage technology companies from India since 2005, many of which have since emerged as category leaders. Likewise, QPrize has successfully identified several high quality early-stage companies. We are excited to work with Qualcomm on this initiative.”
Pratyush Prasanna, Vice President at Paytm said, “Mobile phones are fundamentally changing many ways of doing things. We believe payments also will fundamentally change with mobile phones enabling a lot more scenarios. As a company which has its core business as mobile products and mobile payments, we are excited to support the next generation of bleeding edge companies through our participation in the QPrize competition.”
“Technology is at the core of Persistent. Through the Persistent venture fund, we invest in start-up players in our ecosystem and help them define their technology roadmap. We are pleased to support Qualcomm’s initiative of nurturing innovation in India through involvement in the QPrize competition.” said Dr. Anand Deshpande, Chairman and Managing Director, Persistent Systems.
Companies competing in the India regional QPrize competition included:
· Demach Software India Private Limited, Chennai: Konotor – a user engagement platform for mobile apps that taps into the power of in-app messaging.
· Mavin Technologies Private Limited, Gurgaon: enables affordable mobile data for prepaid smartphone users in emerging markets by connecting advertisers with targeted consumers on their mobile devices.
· LivQuik Technology (India) Private Limited, Mumbai: QuikWallet, enables fast and secure payments on mobile devices.
· CarIQ Technologies Pvt. Ltd, Pune: a connected car platform that offers tailor made services and products that allow users to remotely manage, monitor, and interact with their vehicle.
· QURATER, Bangalore : a customer care solution that enables real-time tracking of complaints, queries and feedback to deliver service management, sales leads and marketing insights that improve customer service, grow the business and build brand advocacy.
· Wooplr Technologies Private Limitied, Bangalore: a local shopping app that allows users to browse, discover and buy by connecting them directly to local stores.
· Edsix Brain Lab Private Limited, Chennai:. Skill Angels maps and harmonizes academic learning with brain skills through games.
· Spatial Ideas Web Solutions Pvt. Ltd., Mumbai: provides smart, affordable technology solutions to the urban local bodies and government offices to bring transparency, accountability, and efficiency and reduce corruption in core government citizen services.
· CartPerk Technologies pvt Ltd, Bangalore: CartPerk enables CPG brands to run retailer-independent loyalty programs over multiple shopping trips and reward users directly by leveraging their smart phone.
The QPrize 2014 competition received a record number of applications. The competition is open to entrepreneurs across China, Europe, India, Israel, Korea, Latin America and North America. The goal of the contest is to identify and fund the industry’s next promising, early-stage technology companies. Demach Software India Private Limited will be invited to compete against other regional finalists in the QPrize Grand Finals competition. Additional details on the competition are available at www.qprize.com.
Founded in 1983, and managing over $9.6 billion in capital, Accel Partners has a long history of partnering with outstanding entrepreneurs and management teams to build world-class businesses. Accel today invests globally using dedicated teams in Palo Alto, California, New York City, London and Bangalore, as well as in China via its partnership with IDG-Accel.
Accel has helped entrepreneurs build over 300 category-defining companies. including AdMob, Angry Birds (Rovio), Atlassian, BookMyShow, Braintree, Cloudera, ComScore, Dropbox, Facebook, Flipkart, FreshDesk, Groupon, Kayak, MuSigma, Myntra, Perfint, Spotify and Virident. For more information, please visit www.accel.com or find us on Facebook at www.facebook.com/accel
About One97 Mobility Fund
One97 Mobility Fund is an initiative by One97 and its investors SAIF Partners, Intel Capital, SAP Ventures and Saama Capital to invest in early stage game changing mobile internet start-ups. We invest early and offer hands-on support to entrepreneurs in the complete lifecycle of their companies. OMF has invested in more than 12 start-ups in India, Singapore, Indonesia and Scotland. For more see www.One97MobilityFund.com
About Persistent Systems
Persistent Systems (BSE & NSE: PERSISTENT) is a global company specializing in software product and technology services. For over two decades, Persistent has consistently been selected as the trusted innovation partner for the world’s largest technology brands, leading enterprises and pioneering start-ups. Persistent has a global team of more than 7,800 employees worldwide including offices and delivery centers in North America, Europe, and Asia. Persistent develops best-in-class solutions in key next-generation technology areas including Analytics, Big Data, Cloud Computing, Mobility and Social, for the independent software vendors (ISVs), telecommunications and media, life sciences and healthcare, and financial services verticals. For more information, please visit –http://www.persistent.com
Qualcomm and QPrize are trademarks of QUALCOMM Incorporated, registered in the United States and other countries. Other product and brand names may be trademarks or registered trademarks of their respective owners.