Mitsubishi Electric : ME Innovation Fund Invests in FTV LABS
September 26, 2022 at 10:11 pm EDT
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FOR IMMEDIATE RELEASE No. 3549
TOKYO, September 27, 2022 - Mitsubishi Electric Corporation (TOKYO: 6503) announced today that its ME Innovation Fund has invested in FTV LABS Pte. Ltd., a Singapore-based company that provides the field service management software "KEGMIL. This is the fund's second investment in a target company.
FTV LABS's field service management software is helping to improve operational efficiency in manufacturing, construction, logistics and other industries, primarily in Southeast Asia. While deskwork has been made more efficient by enterprise-resources planning and customer-relationship management systems, workers in the field still must manage records manually, meaning that paper continues to account for a large percentage of such work. In response, KEGMIL has the potential to enable this last-mile digitization and knowledge retention.
Going forward, Mitsubishi Electric and FTV LABS plan to expand mutual business in Southeast Asia by enhancing fieldwork with a mobile-first approach to achieve greater operational efficiency.
Kelvin Ong, co-founder and CEO of FTV LABS, said: "With rising demand for essential technical services and talent shortage, KEGMIL aims to empower millions of deskless professionals with workflow automation and mobile-first technologies to drive operational efficiency, service performance, and knowledge retention."
Hiroshi Sakakibara, Executive Officer, CDO at Mitsubishi Electric, said: "Drawing on our extensive experience with field-service management, we are confident that KEGMIL can improve the efficiency and quality of our operational and maintenance services."
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Mitsubishi Electric Corporation published this content on 27 September 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 September 2022 02:10:05 UTC.
Mitsubishi Electric Corporation is one of the world's leading manufacturers of electric and electronic equipment. Net sales (including intragroup) break down by family of products and by services as follows:
- industrial automation equipment (28.6%): programmable controllers, motor operators, counters, industrial robots, clutches, etc.;
- electric equipment (24.2%): generators, motors, transformers, power circuit breakers, testing systems, etc.;
- household appliances (22.4%): televisions, video recorders, air conditioners, refrigerators, lamps, vacuum cleaners, etc.;
- information and communication equipment (6.9%): mobile phones, satellites, aerials, medical and audiovisual equipment, servers, computers, etc.;
- electronic components and devices (4.7%): memory, logic integrated circuits, monitors, plasma screens, printed circuit cards, etc.;
- other (13.2%): financial services, real estate management, engineering and maintenance services, etc.
Net sales break down geographically as follows: Japan (52.1%), Asia (24.9%), Europe (11.1%), North America (10.3%) and other (1.6%).
MITSUBISHI ELECTRIC CORPORATION 
