Innomedia Gets $115M to Expand VoIP Offerings
Summary
SINGAPORE (03/29/2000) - Singapore-based VoIP (voice over Internet protocol) specialist Innomedia Inc. has secured US$115.5 million in venture capital funding to aggressively expand its product development, marketing and service network, the company announced yesterday. Ltd., as well as from private investment by Sim Wong Hoo, founder of Singapore multimedia company Creative Technology Ltd. Innomedia is expected to concentrate on the U.S., where it has an office, and Taiwan, as well as its small home market of Singapore, where telecommunications are to be fully liberalized on Saturday. Already, incumbent operator Singapore Telecommunications Ltd. (SingTel) has launched its eVoiz VoIP service, and a start-up called E001.com is now offering free VoIP calls to users who register at its Web site. An earlier VoIP supplier in Singapore, MediaRing, has recently seen its share priced drop sharply in the face of the new competition.
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