• IDGVV Press Releases

IDG Ventures opens Hochiminh City office and invests in Peacesoft Solutions Corporation and iSphere Software Ltd.


IDG Ventures Vietnam, the first American technology venture capital fund Vietnam, today announces the fund has officially opened its offices in Hochiminh City, Vietnam at Sunwah Tower.

The Hochiminh City office will be the center of IDG Ventures Vietnam’s investment operations in southern Vietnam and will also serve as a resource center for Vietnamese entrepreneurs and growing companies. The IDG Ventures staff in Hochiminh City will identify and work with developing companies with high-potential in the IT and technology sectors in Vietnam. In addition to its investment activities, the fund will work actively to promote science and technology development and education in the Hochiminh City and southern Vietnam.

Hoang B. Nguyen, Managing General Partner of IDG Ventures Vietnam, said: “Hochiminh city is the commercial center of Vietnam and an exciting area of rapid economic growth and development. It is an exciting environment for early stage venture capital investments. Our office here will give us a place to work side-by-side with our invested portfolio companies and work directly with the local government and business community in developing the entrepreneurial and technology market in Vietnam.”

On the occasion of the official office opening, IDG Ventures Vietnam also is announcing its first two investments in PeaceSoft Solutions Corporation and iSphere Software Ltd. “We are excited about PeaceSoft and iSphere as they are two terrific young companies with excellent teams. PeaceSoft has a great classified listings platform with http://www.chodientu.com, and we believe it will be an innovator and leader in the development of E-commerce in Vietnam. iSphere is an innovative software company that has deep experience with enterprise and web-based applications. We look forward to introducing some of its products and services to the market within the year.”

IDG Ventures Vietnam is pleased to share its early progress so far, and looks forward to introducing some of its other exciting portfolio companies in the near future. The fund has made rapid progress in the last few months thanks to the hard work, support, and cooperation of the Vietnamese government and public officials, the business community, and its hardworking staff and team.

About iSphere Software Ltd.

iSphere Software is a Hanoi-based software solutions company providing IT solutions and software development services to both local and international customers. Founded in June 2004, iSphere Software is a fast growing business focusing on the Korean and Vietnamese markets. With its state-of-the-art development center and best-in-class software engineers, iSphere Software is committed to help customers achieve high-performance through its high-quality services and development of intelligent software products that guarantee higher return on investment for stake holders. Customers such as VITC Telecommunications, LLC. Machino Auto Parts Company Limited, Victory Technologies, and Enterprise Goldennet Ltd. have partnered with iSphere Software to develop customized software solutions to meet their business needs. For more information on iSphere Software, visit the company’s Web site at http://www.ispheresoftware.com.

About PeaceSoft Solutions Corp.

PeaceSoft Solutions Corporation was established in April 2001 by a team of young energetic entrepreneurs still in college at the time. The company now is a highly respected IT solutions consultant and provider whose products and services have been applied across many different sectors including Education, Healthcare, Insurance, Administrative Management, Business Management, and Telecommunications. PeaceSoft suite of software soltions includes a Corporate Information Portal Management System (E4Portal) for Government offices, Universities, and Enterprises; an Integrated e-Commerce solution (E4Commerce); and Online Communications software (E4Meeting).

The young and dynamic team at PeaceSoft has won many awards for its work including the “Golden Globe” awarded by the Prime Minister, “Outstanding youth representative of Vietnamese Information Technology 2003”,and the “Vietnamese Wisdom Contest”. PeaceSoft’s has a wide range of customers including the Ministry of Labor, the Ministry of Health, the Hanoi Department of Health, the Hanoi School of Public Health, and the Hanoi Teacher’s University. Its partners include the Japan-Vietnam Geo-Informatics Consortium, Microsoft Vietnam, and a number of other small/medium enterprises.

About IDG Ventures

IDG Ventures is a global venture capital firm with approximately $700 million under management and a portfolio of over 125 companies built over the last 12 years. The fund pursue investment opportunities across a broad array of technology industry sectors including enterprise software, communications software, Internet enabling software, wireless technologies and services, IT-related technologies and services, and biotechnology. With offices in Boston, London, San Francisco, Seattle, and throughout China and Vietnam, the firm invests in early-stage companies, partnering with entrepreneurs to build category leaders. The firm’s limited partner, International Data Group (IDG), is the world’s largest IT media, research, and event company. Through this partnership, IDG Ventures can uniquely add value to its portfolio companies by facilitating revenue acceleration and global expansion and establishing relationships with key strategic partners. For more information, visit http://www.idgventures.com

For further information, please contact:

Nguyen Que Anh
IDG Ventures Vietnam
84-4-220 0348 – Hanoi office
84-8-827 8888 – Hochiminh City office