Stretch Inc. Raises Additional $10M in Funding & Announces New Vice President of Marketing
Company Appoints Semiconductor Industry Veteran, Robert K. Beachler, to Stretch Management Team
MOUNTAIN VIEW, Calif., June 26th, 2006 – Stretch Inc., the pioneer and leader in software configurable processors, today announced it has raised $10 million to complete its Series A funding. The round was co-led by Worldview Technology Partners, Oak Investment Partners, and Menlo Ventures. The additional capital allows the company to continue to drive its customer engagements for its first generation products, and to complete the development of its next generation of solutions.
The company also announced the addition of Robert K. Beachler as vice president of marketing. With twenty years of experience in programmable logic, ASIC, and EDA tools, Robert has strategically positioned companies and products resulting in numerous successful product launches, and has played an integral role in the development of new product architectures for the industry’s best-selling programmable logic family and design automation tools at Altera Corporation. Robert has held senior marketing roles with Cadence Design Systems, Dataquest, and Fairchild Semiconductor.
“This recent infusion of capital by our investors represents their continued support and belief in Stretch’s vision to deliver revolutionary software configurable technology,” said Craig Lytle, president and CEO. “Bob’s experience and vast knowledge across all facets of marketing and business development will compliment the management team and ensure that the company excels to the next level.”
“I am very excited to be part of the Stretch team and its charter to provide a compelling technology solution that rivals other currently available processor architectures,” said Robert Beachler, new vice president of marketing. “This is a great time to be a part of Stretch, and I look forward to driving its continued customer success and helping to define its next generation of products.”
Launched in 2002, Stretch has established an international presence and strong reputation as an innovator in software configurable technology targeting compute intensive applications. ”As one might expect, Stretch’s computational acceleration approach is gaining traction in diverse markets, but in particular, we are seeing strong acceptance in video, imaging, and wireless signal processing,” continued Mr. Beachler. “The additional capital allows Stretch to expand our solutions in these target markets through internal development and partnerships.”
With more than sixty employees, and offices worldwide, the company has received twelve patent awards and has twelve 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 a 12-year track record of successful technology investing and close to $1.4 billion under management, the Worldview team has invested in a broad range of information technology markets, including communications, semiconductors, enterprise infrastructure and software.
About Oak Investment Partners
Oak Investment Partners is a growth-oriented private equity firm with a total of $4.2 billion in committed capital. Investments are primarily focused on growth opportunities in enterprise application and infrastructure software, telecommunications equipment and services, data storage, financial services technology, outsourced services, healthcare services and retail. Over its 25-year history, Oak has achieved a strong track record as a stage-independent investor funding more than 350 companies at various 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 nine venture funds since its inception in 1976. With over $2.7 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. For more information, visit www.stretchinc.com.