Cirtek invests in US tech start-up CloudMondo

LAGUNA-based electronics manufacturer Cirtek Holdings Philippines Corp. has invested in CloudMondo, a US-based start-up company set up by Silicon Valley technopreneur Dado Banatao that seeks to establish a global, high-bandwidth WiFi network.

Cirtek, which trades on the Philippine Stock Exchange under the ticker TECH, is expected to manufacture and supply millimeterwave radios in the 60 to 80 GHz spectrum to Cloudmondo.

“In much of the developing world, WiFI access is too expensive and characterized by slow, unreliable connectivity. At the same time, you see the continuing growth of Over-the-top (OTT) value-added services to address the growth in e-business. The visions of CloudMondo is to establish a global, high-bandwidth WiFi network and create a global marketplace for a broad portfolio of OTT services,” CloudMondo chief executive officer Ihab Abu-Hakima said in a press statement.

“We are pleased with the opportunity to be a strategic co-investor in CloudMondo. Our involvement puts TECH in an excellent position to jumpstart and expand our business from manufacturing to connectivity and content,” said Cirtek chair Jerry Liu.

Cirtek, an engineer, philanthropist and successful Filipino technopreneur, earlier named Banatao adviser to the board, raising its profile in the global electronics market. Cirtek has also recently hired investment banker Roberto Juanchito “Jojo” Dispo, formerly head of First Metro Investment Corp., as its president.