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Interblocks (Pvt) Ltd. and Emprise IT (Pvt) Ltd., two recently established software development companies, have received funding from Nextventures, a local venture capital company.

Interblocks received early stage funding to enhance its international market presence as well as for research and development in agent technologies. During the past two years, the company has grown to be one of the best companies in developing commerce and finance e-business applications.

Chief Executive Officer Nextventures Nissanka Weerasekera said: "We are optimistic that these companies will take pride of place in our portfolio. At present most IT companies are going through a bad patch."

The Internet payment solution (iPay) was selected by Schlumbergerserna, a global financial IT giant. The product iPay will complement the products of the above company through a marketing rights agreement. iPay is the first fully automated multi-currency online Internet payments system developed in Sri Lanka. It is being used at Sampath Bank to run the first rupee-based Internet payment gateway in Sri Lanka.

Emprise IT, an Asia Pacific wireless solutions developer, is a relatively new investment for Nextventures. It is jointly funded by Celtic Pacific and Upstart Capital, two venture capital companies based in New Zealand. The company is headquartered in New Zealand. It works closely with Compaq and focuses on developing applications for the ipaq pocket PC. The flagship product of Emprise IT - Avya - is being used locally by Unilever to connect the field force in 'real time' to its back office.

Nextventures Ltd. was launched as a venture capital fund management company in May 2001.

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