Bluestreak Technology
raises USD $20 million in Series D financing
Firm continues
spectacular growth in bringing Flash®-based, rich media solutions to digital TV, mobile phones
and consumer electronics
MONTREAL, QC,
October 11, 2007 /CNW/ - Bluestreak
Technology, Inc., the developer of the MachBlue™ platform for mobile phones and
digital television, announced today that it has secured USD $20 million dollars
in Series D financing. France’s Iris Capital, a new investor, led the round,
which also includes internal investors Solidarity Fund QFL, BDC Venture Capital
and First Capital Group along with new investor Tomorrow Group from Korea. Proceeds will be used to expand development of the company’s award-winning MachBlue™
platform and to further consolidate the company’s presence in the European and
Asian markets.
Over the past months, Bluestreak has signed numerous deals,
including partnerships with Symbian and ACCESS, to establish MachBlue as the
go-to platform for the development of rich-media applications on mobile phones
and digital TV devices.
Alexander Wiedmer, partner at Iris Capital, stated, “We
believe that Bluestreak’s unique technology is poised to capture a sizable
market share in Europe as operators look to leverage content through rich media
applications. Orange’s success with its Bluestreak powered applications in France has already validated this approach.’’
Tomorrow Group Chairman Il Ho Kuk said that “Bluestreak’s technology
represents the cutting edge in the rich media field. We look forward to working
together on the many business opportunities for the company in Korea.’’
“All areas of
Bluestreak’s business are witnessing incredible growth, especially in Europe
and Asia. We are pleased to accompany them in this next growth phase” said
Jacques Bernier, SVP information technologies, telecommunications, and
industrial innovations at Solidarity Fund QFL. Steven Abrams, Director, BDC
Venture Capital, added: “Bluestreak has been building solid traction in the
market and this funding will allow the company to execute on these opportunities.”
Bluestreak CEO Paul Forostowsky commented; “This has been a breakout year for Bluestreak. Since the beginning of 2007 we’ve announced JAVA
and BREW versions of MachBlue Mobile and new partners in Dutch operator KPN and
Thomson on the DVB-H side. Our digital TV business has also been growing
substantially, with great strides in the IPTV sector. This latest round of
financing, propelled by geographically diverse investors, will allow Bluestreak
to further consolidate our position in the fast-growing rich media market and
to continue winning major accounts worldwide including in the Chinese and
Korean markets.’’
Bluestreak will be exhibiting at the Symbian Smartphone
Show in London on October 16 & 17 and at the CTIA WIRELESS I.T. &
Entertainment 2007, in San Francisco from October 23 to 25.
*
MachBlue Mobile implements a subset of the Flash® 7 specification, supplemented
with the MachBlue Mobile API enabling enhanced handset control and integration.
Flash®
is a registered trademark of Adobe Systems, Inc. in the United States and other countries.
About Bluestreak
Technology, Inc.
Bluestreak Technology,
formerly known as Bluestreak Network, is the creator of the award-winning
MachBlue™ platform, which enhances sophisticated applications and user
interfaces on mobile phones and television set-top boxes. The MachBlue
platform gives network operators and OEMs the power to create engaging,
rich-media user experiences (UX). Bluestreak Technology is a technology
partner with such industry leaders as STMicroelectronics, ACCESS, Orange, KPN, Videotron, Time Warner Cable, Thomson, NDS and OpenTV. The company won top honors in the
2006 Orange Partner Innovation Contest, an accolade awarded to the "Best
of the Best" in innovative mobile products, services, or technology
concepts.
www.bluestreaktech.com
About
Iris Capital
Iris
Capital is a pan-European venture and development capital fund specialising in
media, communication and IT. Since its inception in 1986, the Iris Capital team
has invested in over 200 companies a total of more than €750 million. Iris
Capital targets opportunities in high-growth technology or service companies,
across various stages of development. It provides active support to its
portfolio companies related to its specialisation and its experience. Based in Paris, the Iris Capital team has invested to date in 18 European countries as well as in North America.
www.iriscapital.com
About
Tomorrow Group
Tomorrow Group Inc. is based in Korea with offices in Vancouver, Canada and Dallas, USA. Tomorrow Group Inc. is founded on basis
of three philosophy, respecting nature, caring for mankind and nurturing and
fostering human potential. Tomorrow Group has diversified business interest
from IT/Media, Rotis Traffic information System, Internet TV, Multimedia
Design, Kumkangsan Land water park, Caribbean Seoul Water park, Hawk Eye
Golf Course, Taeo water park design and construction, Sutech waste management
plant and Kuk Il Ho scholarship foundation.
www.tomorrowgroup.co.kr
About
Solidarity
Fund QFL
With
net assets of over $7.2 billion as at May 31, 2007, the Solidarity Fund QFL is
a development capital company that through its RRSP channels the savings of
Quebecers into investments in all sectors of the economy to help create and
maintain jobs and to further Québec's economic growth. The Fund is a partner,
either directly or through its network members, in 1,696 companies. It
currently has nearly 575,000 shareholders and has helped, on its own or with
other financial partners, to create, maintain and protect over 122,000 jobs. For more information, visit www.fondsftq.com.
About BDC Venture Capital
BDC Venture Capital is a
major venture capital investor in Canada, active at every stage of the
company’s development cycle, from seed through expansion. Its focus is on
technology-based businesses that have high growth potential and that are
positioned to become dominant players in their markets. Established in 1975,
BDC Venture Capital has invested in over 400 different companies to date. It
currently manages more than $750 million in venture capital investments in the
areas of Life Sciences, Telecommunications, Information Technology, Advanced
Technologies, and Funds Investments.
www.bdc.ca
About
First Capital Group
First
Capital Group is a private investment firm that provides equity capital to
companies that fall into three general investment categories: early-stage,
expansion-stage, and management buyouts and special situation investments in
small and middle-market companies at more mature growth stages. Since its
inception in 1984, the principals of First Capital Group have established an
outstanding record of accomplishments and reputation for assisting management
of its portfolio companies in such areas as planning, capital formation, capital
budgeting, merger and acquisition evaluation, and planning and executing exit
strategies.
www.firstcapitalgroup.com
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