Stretch Inc. Raises $15M in Funding
Worldview Technology Partners, Oak Investment and Menlo Ventures support Stretch success delivering key semiconductor technology for security and surveillance products
SUNNYVALE, Calif., March 27th, 2008 – 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.
“This new round of investment demonstrates our confidence in the Stretch business model and the company’s aggressive growth plans,” said James Wei, co-founder and general partner of Worldview Technology Partners. “The Stretch software configurable processor technology uniquely supports the diverse needs of the fast growing surveillance and security market. We are confident that Stretch will continue to grow as the video surveillance industry expands to meet the needs of an increasingly security-conscious world.”
“The continued support by our venture capital partners validates our success in the security and video surveillance markets,” said Craig Lytle, president and CEO of Stretch. “The additional capital will fund product deployment and customer support following the enormously successful release of the S6000 family Reference Design Kits.”
The Reference Design Kits feature the S6000 family software configurable processor. Designed with high performance video applications in mind, the family delivers the processing power needed to perform H.264 video compression while simultaneously performing leading edge video analytic algorithms. Delivering unequalled cost per channel in DVR applications and High Definition H.264 compression capabilities in IP camera designs, the S6000 family has re-set the bar in surveillance applications. The S6000 family software defined architecture enables rapid time to market and flexibility for OEM designs.
With more than sixty employees, and offices worldwide, Stretch has received thirteen patent awards and has thirteen 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 an 11-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, software, communications, digital media and ecommerce.
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 communications, information technology, internet new media, financial services information technology, healthcare services and consumer retail. Over a 28-year history, Oak has achieved a strong track record as a stage-independent investor funding more than 435 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. One of Silicon Valley's oldest venture capital partnerships, Menlo Ventures has organized and managed ten venture funds since its inception in 1976. With over $3.9 billion under management, and a team with more than 100 years of collective experience in technology, marketing, sales and general management, Menlo Ventures has 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.