Sumitomo, Walden Invest in UP-Tech

TOKYO -- Sumitomo Corporation (President & CEO : Motoyuki Oka), jointly with Walden International Investment Group (CEO : Lip-Bu Tan), a San Francisco, California-based major venture capital (VC) firm of the United States, has recently invested a total of approximately 2.5 billion yen in United Platform Technologies (UP-Tech), Inc. (CEO : Chareleson Zheng), a Beijing-based telecom equipment manufacturing / sales venture of China. Walden International, through its Pacven V fund, contributed approximately 2.2 billion yen, and Sumitomo Corporation, together with its U.S.-based VC business subsidiary, Presidio Venture Partners, LLC, contributed approximately 300 million yen.Sumitomo Corporation will supply UP-Tech with cutting-edge technologies and systems via its network of Japanese and American telecom equipment manufacturers. Through SSE (Sumisho Electronics Co., Ltd., President & CEO : Yasuyuki Abe), the subsidiary that implements Sumitomo's IT strategy, Sumitomo will also market UP-Tech's products in Japan, projecting annual sales of 500 million yen in the first year and 3 billion yen three years hence.Sumitomo Corp.Walden International Investment GroupUnited Platform Technologies Co. (coming soon)