Canaan Backs Cellcast Asia

Cellcast Asia Holdings has raised $5.25 million in first-round funding from Canaan Partners. The startup was formed by Cellcast PLC (AIM: CLTV), as a new vehicle for pan-Asian regional distribution of its interactive products and services. Cellcast PLC has provided all of its shares in Cellcast India and its 50% holding in its Southeast Asia-based join venture with Malaysia's mTouche. Cellcast PLC will hold 37.5%, while Canaan Partners will hold $38.9 percent.