Royal Bank Ventures, part of the Royal Bank of Scotland's private equity group, has backed a wireless data software company at a time when early stage investors are keeping their eyes peeled for the next mobile &quotkiller application&quot.

Despite market pessimism surrounding telecoms, Royal Bank Ventures in the UK and nCoTec, the European technology venture capital firm, have invested a total of €10m ($9m) in elata, to develop its mobile software platform.