Atlante Ventures, a corporate venturing fund sponsored by Italy-based bank Intesa Sanpaolo Group, has invested €1m ($1.5m) in local chip company Logitech. Another €500,000 was provided by Logitech’s current financial shareholder, the €50m Fondo Toscana Ventures, part of SICI (Sviluppo Imprese Centro Italia). SICI had invested €1m in May 2005 in Logitech. Davide Turco, head of Atlante Ventures, one of Intesa Sanpaolo’s two venture capital funds started in 2008 with €25m, said: "The technology developed by the company [Logitech] and the reputation and credibility that the management team was able to gain in the international markets are the key elements that led us to invest in Yogitech." Massimo Abbagnale, president of SICI, an independent management company whose shareholders are local banks in Tuscany, such as Fidi Toscana, da MPS Capital Services, Casse di Risparmio di Firenze, Prato e San Miniato and Banca Etruria, added: "We are delighted by the worldwide recognition of the technologies developed by Yogitech, a company that has continued to invest in the innovation of its products even in troubled times for the market." Founded in 2000, Yogitech provides hardware and software for the safety of electronic systems, such as power steering, braking systems, airbag and other active and passive safety systems for automotive, industrial automation, railways, and medical devices.
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Atlante hunts down Yogitech
Nov 9, 2011 • James Mawson
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