Chennai-based Demach Software India Private Limited has won US$125,000 in venture financing at the QPrize 2014 India regional finals to expand its business. The company won the competition with its unique user engagement platform for mobile apps - Konotor, that taps into the power of in-app messaging. Technology innovation, industry potential, company’s management capabilities and the attainability of the proposal’s financial projections were some of the factors which favored Demach’s success in the competition.
Demach Software also move forward in the competition and compete for an additional US$150,000 in venture financing at the QPrize Global Grand Prize competition, scheduled at Bloomberg’s Next Big Thing Summit in San Francisco, California.
The four winners at the India level are:
Short-listed finalist of the competition were:
The fourth edition of QPrize on boarded Accel Partners, Persistent Systems and One97 Mobility Fund as sponsors and contributors.
Karthee Madasamy, managing director, India and Israel of Qualcomm Ventures said, “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. 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 mentioned, “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.”
“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,” added, Pratyush Prasanna, Vice President at Paytm.
“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.
The QPrize 2014 competition received over 450 applications from different parts of the country. Bangalore was closely followed by Delhi in terms of number of applications. The goal of the contest is to identify and fund the industry’s next promising, early-stage technology companies.