Stretch Inc. Announces Series B Funding Round
SUNNYVALE, Calif., June 4th, 2007 – Stretch Inc., the pioneer and leader in software configurable processors, today announced it has raised $12 million in Series B funding. The round was co-led by Worldview Technology Partners, Oak Investment Partners, and Menlo Ventures. The additional capital will allow the company to continue to roll out its S6000 family of processors based on the S6 architecture. The Stretch S6 architecture, announced in March of this year, represents a new class of embedded processors enabling video, imaging, and wireless signal processing.
“The participation of all our previous venture capital firms in this new round validates Stretch’s technology, strategy, and the hard work of our employees. We are appreciative of not only our investors’ financial support but also the guidance they provide,” said Craig Lytle, president and CEO of Stretch. “This latest round of funding will enable Stretch to expand our plans to provide customers with complete silicon, software and hardware reference designs based on the S6000 family, which will be sampling next month.”
“The tremendous customer response to the new S6000 family of processors impelled us to participate in this round,” said James Wei, Co-Founder and General Partner of Worldview Technology Partners. “We are excited about the direction and execution that Stretch has shown with the S6000 family.”
With more than sixty employees, and offices worldwide, Stretch has received thirteen patent awards and has thirteen additional 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.