Cuscapi Berhad today signed a project financing agreement for up to RM13 million with Malaysian Debt Ventures Berhad (MDV) to help finance the deployment of its REV tablets in Asia.
With the additional financing facilities from MDV coupled with the RM29.5 million raised from an earlier rights issue, Chief Executive Officer Her Chor Siong said “Cuscapi is confident that it would have sufficient funding to roll out the REV tablets quickly to most of our customers across the region.”
The loan tenure for MDV’s financing facilities with MDV is 30 months. MDV is a venture financing organisation which provides contract/project financing facilities to early as and growth stage companies within the ICT and Biotechnology Technology focus areas.
Cuscapi’s REV tablet is a comprehensive customer self-service solution for the food and beverage (F&B) industry. Developed in-house by Cuscapi, the REV tablet comes with various interactive features which are expected to result in cost savings and increased revenue for food and beverage (F&B) outlets. The tablet will provide customers with a fun and easy method of ordering and will also help them to drive loyalty programmes and other cross-selling initiatives more effectively.
“Currently, we are doing a pilot deployment of our REV tablets in a number of F&B outlets in the region. In Malaysia, we have already rolled out REV in a Western F & B outlet and are working on another large F &B outlet in Kuala Lumpur,” Her said.
“We are also working on potential REV rollouts for our customers in Singapore and China which will be followed by deployments in other ASEAN countries such as Thailand and the Philippines in early 2014. Once the pilot deployment for our key strategic customers is completed by the end of this year, Cuscapi would be looking at speeding up the mass deployment of REV in 2014,” he added.