Following this investment, the company said that Formation 8 will offer them with market knowledge, deployment expertise, sales channels, among others. It will also apparently help Spice Global identify early stage companies for investments.
Formation 8 focuses on investments in information technology and energy technology businesses and operates in the United States, China, Korea and Singapore. Some of its portfolio investments include ContextLogic, LearnSprout, RelateIQ and Revinate among others and some of its prior investments include in companies such as Google, Facebook, Palantir Technologies, Ginger and investment and data analysis software like Addepar.
Earlier this month, Formation 8 had raised $448 million in its first fund and was looking for enterprise startups which can offer solutions to Asian conglomerates to manage their respective big data problem, as indicated by a TechCrunch report.
Founded in 1980, Spice Global includes businesses like Si2i Mobility (holding co. of Si2i Limited and S-Mobility Limited), Spice Studios, Wall Street Finance Limited and Paper Plus.
Earlier this month, Spice Digital had launched Voice Tube, an IVR based audio blogging platform in Bangladesh. The service was initially available on Bangladesh’s private operator Robi (an Axiata company) and was expected to be available on Airtel Bangladesh shortly.
In February 2013, Spice Global had also partnered with Qualcomm to launch health services on mobile in India. The company was expected to use WiFi, 3G and 4G technologies to allow patients to consult doctors and would be available in tier I and II cities.
Besides this, Spice Global had also tied up with the Ault Group to bring luxury lounges Pangaea in India and was also looking to enter the banking sector by applying (pdf) for a banking license with the Reserve Bank Of India, thereby diversifying its financial services portfolio. The company had also appointed Ozi Amanat as its Chief Investment Officer in December 2012, who was responsible for formulating strategies for the growth of Spice Global’s new businesses, tracking its asset portfolio and carry out liaison work with the group investors.
*Disclosure: Spice Digital is an advertiser with Medianama