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Ofye secures E2.6m first round

The financing will be used to develop technology, sales in Europe and expansion into Southeast Asia and Australia.

Wireless technology firm Ofye has raised an E2.6m ($2.3m) first round of financing from German investment company Gold-Zack, consultancy Booz Allen & Hamilton and individual investors.

Wireless technology firm Ofye has raised an E2.6m ($2.3m) first round of financing from German investment company Gold-Zack, consultancy Booz Allen & Hamilton and individual investors.

Ofye has developed a technology platform that offers a range of applications including profiled content distribution, mobile intranet, games, and images. The cash raised will enable the company to develop its technology development, sales in Europe, and expansion into Southeast Asia and Australia.

The company's monthly burn rate is currently around E250,000 and it said it plans to increase its staff of 17 employees to 30 or 40 within the next year. It has also said that it is in talks with venture capital firms and strategic industry partners to raise a E10m to E15m second round by the end of the second quarter of this year. The company raised E1.25m in seed funding from individual investors last year.

Ofye has developed a technology platform that offers a range of applications including profiled content distribution, mobile intranet, games, and images. The cash raised will enable the company to develop its technology development, sales in Europe, and expansion into Southeast Asia and Australia.

Ofye’s monthly burn rate is currently around E250,000 and it said it plans to increase its staff of 17 employees to 30 or 40 within the next year. Ofye also said it was in talks with venture capital firms and strategic industry partners to raise a E10m to E15m second round by the end of the second quarter of this year.