Firium, a demand chain management solutions provider, has received funding from international venture capital firm, 3i Group, and locally listed company, Internet Technology Group, totaling US$.8.5m.

The company will use the funds for regional expansion, including setting up regional offices, hiring staff and acquiring other companies with potential.

Revealed company CEO, Jusuf Sjariffudin at yesterday's press conference, the company will focus its business on the financial services, and retail and distribution sectors this year, and will be looking at acquisitions in Thailand and the Philippines.

Firium was established in 1997 as Jatis Solutions. The company's demand chain management offerings help businesses organise their internal business processes, as well as set up collaboration with their distributors, resellers and retailers, enabling them to reach more customers and better manage their customer relationships.

This is Firium's second funding exercise. Last year, the 3i Group invested US$2m in the company. This time, the investment is US$2.6m, while ITG's investment is US$5.9m.

Said ITG's Executive Chairman, Koh Boon Hwee, despite the current pessimism on technology and Internet companies, he is very confident that Internet development is only at the starting stage. For businesses, the Internet is indeed an important tool for business.

Said 3i's Director, Morrison, investing in the company is a long-term decision. As long as the company has good technology and a good management team, it will have positive growth opportunities. His opinion of the current performance of technology stocks is that the stock market rises and falls; technology stocks just happen to be at the trough at the moment.

Jusuf Sjariffudin also revealed that the company has achieved an annual compounded growth rate of 140%, and projected revenue growth could reach 170%. He also expects the company to be profitable this year.