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There is a new kid in the world of social networks. And its from the little red dot of Singapore.

Founded by two 26-year-olds R. Chandrasekar and Sam Hon, Velvet Puffin is an “always-on” service that seeks to bring together a seamless social networking and media (video, blogs, photos) sharing between the mobile ohone and your desktop computer.

The startup has received $10 million funding in cash-rich Singapore looking for our own Youtubes and Skypes. The Economic Development Board (EDB) is a public investor along with other private institutions. Such a large sum of money certainly raised eyebrows for a service which has no significant user base and is only launching its public beta today.

What is promising though might be in the intellectual property of Radixs, the parent company of Velvet Puffin. Radixs, in a press release in 2004, released information of their success in building the world’s first universal mobile operating system. This will greatly enhance the compatibility of mobile services across different handsets from the various mobile phone makers. The inter-operability of the mobile service with web-based standards might pave the way for what the Velvet Puffin team touts as “a truly always-on service” across the 2 important screens of the digital revolution.

A review of the startup is available on the Entrepreneur27 site, on Techcrunch and also on Business Times.