Elemental Technologies Inc. Secures $1.05M Seed Funding
Portland, Ore. — December 14, 2007 — Elemental Technologies Inc., a provider of multicore-accelerated video processing technology, announced today that it successfully secured $1.05M in seed funding. The round was led by the Oregon Angel Fund, with participation from several other Northwest angel investing groups including the Bend Venture Conference and Seattle Alliance of Angels.
The investment will fund the commercialization of Elemental's RapiHDTM Video Platform. The software platform achieves the performance levels of specialized components using off-the-shelf hardware. "ETI is honored by this vote of confidence in our technology from Northwest investors," said Sam Blackman, CEO of Elemental Technologies. "We look forward to applying these funds to our product rollout in the next year."
"The Oregon Angel Fund is very pleased to be part of an investment syndicate participating in the funding of Elemental Technologies," commented Bob Ward, Managing Director of the Oregon Angel Fund. "The company impressed the group with their ability to solve real customer pain in the near term. Anybody who has tried to edit video on a computer has felt the pain that Elemental addresses. The fund was also impressed by how well the company adapted to what the marketplace was telling them, by redirecting their development to take advantage of an emerging opportunity. We were impressed by the young team, which seems to have the ideal background to address this opportunity thanks to experience at Intel, Qualcomm and Pixelworks. We expect Elemental to take the early lead in the marketplace and maintain that lead with engineering execution."
"We are still in the early innings of online video usage and innovation," noted Geoff Entress, a member of the Seattle-based Alliance of Angels. "Elemental Technologies' software represents a substantial improvement to current state-of-the-art video processing performance. The Elemental team is uniquely qualified to create real value in this space."
"This was the fourth year of the Bend Venture Conference. All 5 presenting companies would have won in previous years; Elemental Technologies was the clear winner against such stiff competition." said Bruce Juhola, Managing Member of the Bend Venture Conference Investor LLC.
Elemental Technologies Inc. is headquartered in Portland, Oregon and launched operations in August 2006.
About Elemental Technologies, Inc.
Elemental Technologies, headquartered in Portland, Oregon, is a software company providing high-performance video solutions that take advantage of massively parallel architectures. The software platform achieves the performance levels of specialized components using off-the-shelf hardware. The RapiHDTM Video Platform is ideally suited for applications ranging from broadcast infrastructure to professional video editing to Internet video processing.
http://www.elementaltechnologies.com/
About the Oregon Angel Fund
The Oregon Angel Fund (OAF) is a structured, collaborative, investor-driven fund operating independently of and in close collaboration with OEN.
http://www.oen.org/programs/oaf/
About the Alliance of Angels
The goal of the Alliance of Angels is to bring together high-growth early-stage entrepreneurs and sophisticated angel investors. For companies seeking funding, the Alliance of Angels provides valuable coaching as well as exposure to an otherwise difficult-to-reach and powerful network of experienced investors.
http://www.allianceofangels.com/
About the Bend Venture Conference
BVC 2007 is an all-day investor conference in Bend, Oregon where qualified startup companies will make presentations in front of an audience of angel investors and compete for this year's grand prize - a $150,000 investment.
Media Contact
Lisa Epstein
Elemental Technologies
lisae@elementaltechnologies.com
(503) 953-4743
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