The global product launch on the Web is slated for August 15 and the tool, which is still to be branded, will be available free to mobile device users.

At a media briefing here on Tuesday, Gray Cell founder CEO TS Rajesh said the company would be going in for multiple rounds of investment since it was a very "resource-hungry venture".

There are three co-investors for this round -- two venture capital companies (Walden International Investment Group and Draper International) and a private investment by KB Chandrashekhar (founder and chairman of Exodus).

Rajesh was reluctant to reveal the stakes involved, saying the size of the equity held by the various investors might change as more money was required to be pumped in, making the current figures insignificant.

Walden managing partner SomShankar Das said his firm believed that the Bangalore-based Gray Cell had the potential to grow into a global company. Draper International managing director Abhay Havaldar said it was an opportunity to make an "impact investment that would affect everyone".

Targeted as a consumer lifestyle product, Gray Cell hopes its connectivity tool will capture the internet-mobile space and ride on the consumer base to generate revenues from there.