Stretch Inc. Raises $15M in Funding
SUNNYVALE, Calif., January 26, 2009 – Stretch Inc., the pioneer and leader in software configurable processors, today announced it has raised an additional $15 million in Series B funding. The round was co-led by Worldview Technology Partners, Oak Investment Partners, and Menlo Ventures.
"The continued support of our investors is a solid endorsement of the Stretch technology and a testament to our market momentum," said Craig Lytle, president and CEO of Stretch. "In an uncertain economy, the ability of Stretch technology to reduce system costs while providing breakthrough performance is driving strong adoption of our products across a rapidly expanding customer base."
Since closing its last round of funding, Stretch has announced a series of partnerships and design wins with industry-leading video surveillance equipment manufacturers. Stretch also extended its product portfolio, releasing a third processor, the S6106, three new reference design kits, and the VRC6000 Series of DVR add-in cards. These cards interface easily to existing DVR application software and provide OEMs with rapid deployment of high performance DVR solutions.
Stretch intends to use this additional funding for operational expenditures to support increased volume manufacturing. "Stretch's strategy of providing development platforms that allow customers to build highly differentiated products and OEM solutions that deliver fast time to revenue has resulted in widespread customer adoption of our solutions," said Bob Beachler, Stretch vice president of marketing. "With many customers in volume production of our silicon and board-level solutions, we are in a strong financial position to meet their increasing quantity requirements."
With more than sixty employees, and offices worldwide, Stretch has received sixteen patent awards and has nine additional patents pending.
About Worldview Technology Partners
Worldview Technology Partners is a leading venture capital firm focused on investing in and building leading U.S. technology companies. Worldview's comprehensive, industry-leading business development services help its portfolio companies succeed in U.S. and international markets. With a 12-year track record of successful technology investing and close to $1.4 billion under management, the Worldview team - now on its fourth fund - has both the experience and the resources to invest in a broad range of information technology markets, including semiconductors, enterprise infrastructure, and software.
About Oak Investment Partners
Oak Investment Partners is a growth-oriented private equity firm with a total of $8.4 billion in committed capital. Investments are primarily focused on growth opportunities in clean energy, communications, information technology, internet new media, financial services information technology, healthcare services and consumer retail. Over a 30-year history, Oak has achieved a strong track record as a stage-independent investor funding more than 481 companies at key points in their lifecycles.
About Menlo Ventures
Menlo Ventures provides long-term capital and management support to early-stage and emerging-growth companies. Menlo is one of Silicon Valley's oldest venture capital partnerships, and has organized and managed ten venture funds since their inception in 1976. With over $4 billion under management, and a team with over 200 years of collective experience in technology, marketing, sales and general management, they have the resources to support the most ambitious of projects.
Stretch Inc. is delivering a family of software configurable processors, the first to embed programmable logic within the processor. Using familiar C/C++ programming tools, system developers automatically configure Stretch's off-the-shelf processors to achieve extraordinary performance, easy and rapid development, significant cost savings, and flexibility to address diverse markets and changing application needs. Stretch devices are used in video processing, machine vision, and wireless applications worldwide. For more information, visit www.stretchinc.com.