The Ayala Corp. fund for startups will inject $2 million into internet distribution technology from a Singapore-based company, venture capital firm Kickstart Ventures Inc. announced on Friday.
Kickstart manages the $180-million fund under the Ayala Corporation Technology Innovation Venture (ACTIVE) from Ayala Corp., its subsidiaries, Bank of the Philippine Islands, and Kickstart parent Globe Telecom.
The first publicly announced investment under this program will go to Trancelestial Technologies, which plans to use its Centauri device to create a wireless internet distribution network in the country.
“Transcelestial aims to work with Philippine telcos among others to provide a solution to the daunting industry challenge of putting up cell sites,” Kickstart said in a press release.
The device uses laser communications technology for wireless distribution between buildings, cell towers, and other infrastructure.
“It unlocks fiber-equivalent high bandwidth between 4G/5G cell towers and the telecom core network which connects back to their data centers,” Kickstart said, adding that it would reduce costs usually incurred by laying down fiber cables.
“As more Filipinos become reliant on internet access for their livelihood and social connections, we’re hopeful that Transcelestial will help increase Internet penetration and provide telcos and ISPs (internet service providers) with an affordable option for 5G deployment,” Kickstart President Minette Navarrete said.
The ACTIVE fund will invest between $2-10 million into startup companies in their early to mid-growth stages. — Jenina P. Ibañez