Satellite-based communication company Addvalue Technologies announced on Dec 5 that it is raising some $13.25 million from a group of investors led by Economic Development Innovations Singapore (EDIS), that is chipping in up to $5 million.

In doing so, Addvalue is scrapping an earlier fund-raising deal announced on Nov 20. 

EDIS is a private investment firm chaired by Philip Yeo, most notable as the outspoken former chairman of the Singapore Economic Development Board.

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