Red Dot Ventures invests S$589,000 in digital security company Innova Technology
Red Dot Ventures, a private fund in Singapore led by Mr. Leslie Loh, has just announced an investment of S$ 589,000 in digital security startup Innova Technology.By Jacky Yap 07 Nov, 2012
Loss is a common problem in our everyday life. While many focus on solving and preventing loss, Innova Technology came up with an innovative loss prevention system for the consumer market, and has received validation from Red Dot Ventures through their backing.
Innova Technology launched earlier at Demo Asia. The description reads as follows:
“We have developed a loss prevention device which is the thinnest in the world. Place our card into your wallet and your loss will always be prevent through an alarm from your phone. If you did not hear your phone ring, you can login to GPS to trace your last known location of losing your valuable and hence losses can be prevented.”
The credit-card sized product is called PROTAG, and is currently distributed in travel and duty-free stores in more than 10 markets in the Asia Pacific region. Innova Technology is currently partnering with regional distributors to sell its products in airports, electronic stores and through telcos. They have also recently signed up with a major distributor called Sprint-Cass and will be selling their products via various channels in the region.
Read on for the full press release.
Singapore, 7th November 2012 – Red Dot Ventures, a prominent technology incubator, announced today that it has invested S$589K in Singapore-based startup Innova Technology Pte Ltd.
Innova Technology is a local digital product design firm focusing on loss prevention systems for the consumer market. PROTAG™, the company’s flagship product, is the perfect companion for business and leisure travelers. The credit card-size device can be easily slotted into personal valuables, including wallets, passports or bags, and alerts the owner when secured items are left behind. The system gives the user the coordinates of the last known location of the belongings and also allows the user to tack/secure mobile phones. With PROTAG™, users on the go can avoid losing their valuables, and in the rare event a loss occurs, users have the ability to track down and retrieve lost items.
“There is little existing technology that prevents consumers from losing or misplacing belongings. This is a problem for travelers, especially when their laptops, wallets and passports are at stake. No amount of money can buy back a spoiled travel experience,” says Rick Tan, CEO of Innova Technology, “we plan to make PROTAG™ available and affordable for all concerned consumers, as well as to further build on the success of our first product. Innova Technology is committed to deliver well-designed innovations in the loss-prevention and security markets.”
PROTAG™ is currently distributed in travel and duty-free stores in more than 10 markets in the Asia Pacific region. Innova Technology is currently partnering with regional distributors to sell its products in airports, electronic stores and telcos.
“Mobile technology is used on a daily basis by everyone, and Innova Technology is working on a pipeline of new products that have the potential to disrupt the mobile security market. We will provide the company all necessary means to bring it to the next level – becoming a global player in its industry” says Leslie Loh, managing director of Red Dot Ventures.
As part of its incubation model, Red Dot Ventures will support the young company with funding, mentorship from experienced entrepreneurs in the consumer digital industry as well as market access in Asia Pacific, the Americas and Europe.
About Red Dot Ventures
Red Dot Ventures (www.reddotventures.com) is a venture capital firm focusing on Singapore-based early-stage high-tech startups in areas including ICT, Interactive Digital Media (IDM), MedTech, CleanTech, and Engineering. In early 2012, Red Dot Ventures was selected as an official technology incubator under the Government of Singapore’s Technology Incubation Scheme, positioning the company as a key pillar in the creation of a competitive entrepreneurial environment that will allow innovative ventures to develop and flourish.
About Innova Technology
Innova Technology (http://innovatechnology.com.sg/) brings the very latest loss prevention products to the global market. Established in 2010, the two young founders conceived their brainchild, PROTAG™, with overseas travelers in mind. With its unique products of superior functionality and well-designed precision engineering, Innova Technology is building a global brand that resonates with mass-market consumers around the world.