BizTone.Com gets US$5.5m in funding

By Julian Matthews

KUALA LUMPUR–Malaysian-based Java developer BizTone.com has received its largest venture capital injection to date–US$5.5 million led by the Asia Java Fund, global investment firm ING-Barings, and angel investors in US and Asia.

The second round of investment brings total investment to about US$8 million, says chief executive Darryl Carlton whose company was among the first recipients of the Sun Microsystems-founded Asia Java Fund announced last week.

“The funding is an important recognition that BizTone.com’s business model of ‘renting software’ over the Net is the new wave of the future. It will be instrumental for our market entry,” said Carlton, who confirmed that a listing on Nasdaq is on schedule for next year.

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Rent-An-App Player Biztone.Com Clinches $5.5m Venture Cap

By Julian Matthews

Rent-an-app pioneer BizTone.com Inc has closed a $5.5 million investment round led by the Asia Java Fund, global investment firm ING-Barings and several angel investors.

The venture capital injection was a resounding endorsement for the Java-based developer which has its origins in Malaysia and is pushing the concept of delivering Enterprise Resource Planning (ERP) software as a service over the Internet.

“The advantage of BizTone is that it’s just like electricity or water, available to your business all the time and you simply pay for what you use on a transaction basis, while someone else makes sure you get the service around the clock,” said Darryl Carlton, BizTone’s chief executive officer.

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