RedDot Ventures invests S$589K in digital security company Innova Technology

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. PROTAGTM, 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 PROTAGTM, 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 PROTAGTM 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.”

PROTAGTM 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.