IAC Launches Hatch Labs to Build New Mobile Ventures
NEW YORK, March 31, 2011 /PRNewswire/ -- Today IAC (Nasdaq: IACI) unveiled Hatch Labs (www.hatchlabs.com), a technology innovation sandbox devoted to improving mobility for today's wireless generation.
Founded in October 2010 by Dinesh Moorjani, formerly the SVP of IAC Mobile, Hatch Labs rapidly prototypes new applications, tools and platforms that tackle emerging problems in mobility. Moorjani, who serves as CEO, manages multiple teams of talented start-up engineers and entrepreneurs in partnership with Xtreme Labs to build new ventures. The most promising ventures will seek additional capital from IAC and outside investors, to further grow the businesses.
Multiple products are currently operating in private beta and will be introduced later this year as each new business reaches escape velocity to hatch out of the Lab. The first product, Blu Trumpet, which is expected to launch in Q2, is a monetization platform for app developers and advertisers to marry mobile users' interests with mobile apps in a self-sustaining ecosystem. Details on the next project, which will improve the intersection of social, web and mobile, will be released in Q2 2011.
Hatch Labs innovates on top of mobile hardware advances, tackles unmet consumer needs, and re-engineers existing mobile products as user expectations rise. "Our team has deep mobile expertise building and scaling mobile businesses across IAC. We started Hatch Labs to focus on entirely new products that can serve five billion people globally with access to wireless, as mobile networks and smart devices eclipse fixed broadband and stationary computing, respectively. We want to share our vision of the wireless world," said Moorjani. "Our entrepreneurial teams sprint toward market-ready products incorporating user feedback along the way. We can grow faster using the resources, distribution and marketing relationships at IAC and Xtreme Labs."
"The existing relationship between Xtreme Labs and IAC has already demonstrated how innovation can be successfully combined with technology and distribution to rapidly deliver tremendous mobile solutions to customers," said Amar Varma, co-Founder of Xtreme Labs. "Hatch Labs will enable great minds to solve mobile problems, while reducing the challenges of funding, marketing and delivery."
"Among the key success factors that enable us to selectively transform the controlled chaos of new ideas into real products, is an emphasis on recruiting stellar talent," continued Moorjani. "We devote countless hours to live problem solving with engineers in workshops before they join Hatch Labs to assess raw horsepower, entrepreneurial motivations, and the ability to contribute to a collaborative problem-solving culture. We also set up equity incentives in order to attract the best talent and take calculated risks with us."
At IAC, Moorjani started the mobile group in 2007 and was responsible for strategy & operations across leading IAC businesses, paving the way for over 40 million app downloads and mobile revenue doubling annually. Previously, he built digital media businesses at Samsung Electronics North America and managed cross-border teams to invent new applications for semiconductors and to turnaround digital media and mobile businesses in Korea and India. He has worked at Goldman Sachs, Mainspring (acquired by IBM) and in strategy consulting while building Saffronart, the leading online marketplace for Indian fine art. He serves as a board director and advisory with several tech companies, and has co-founded an online travel start-up.
Financial terms of the deal were not disclosed.
About Hatch Labs
Hatch Labs is an entrepreneurial sandbox building advanced mobile products. With the investment and resources from IAC and Xtreme Labs, Hatch start-up teams rapidly prototype new applications and services to best serve the evolving world of mobile. To see the businesses we have already hatched, please visit www.hatchlabs.com.
IAC operates more than 50 leading and diversified Internet businesses across 30 countries... our mission is to harness the power of interactivity to make daily life easier and more productive for people all over the world. To view a full list of the companies of IAC please visit our website at www.iac.com.
About Xtreme Labs
Xtreme Labs is a mobile strategy and product development firm at the forefront of mobile technology, developing and implementing innovative solutions, and educating the world about the future of mobile. For more information please visit our website at www.xtremelabs.com.