SOURCE: Bluestreak

October 11, 2007 06:10 ET

Bluestreak Technology Raises USD $20 Million in Series D Financing

Firm Continues Spectacular Growth in Bringing Flash®-Based, Rich Media Solutions to Digital TV, Mobile Phones and Consumer Electronics

MONTREAL--(Marketwire - October 11, 2007) - Bluestreak Technology, Inc., the developer of the MachBlue™ platform for mobile phones and digital television, announced today that it has secured USD $20 million in Series D financing. France's Iris Capital, a new investor, led the round, which also includes internal investors Solidarity Fund QFL, BDC Venture Capital and First Capital Group along with new investor Tomorrow Group from Korea. Proceeds will be used to expand development of the company's award-winning MachBlue™ platform and to further consolidate the company's presence in the European and Asian markets.

Over the past months, Bluestreak has signed numerous deals, including partnerships with Symbian and ACCESS, to establish MachBlue as the go-to platform for the development of rich-media applications on mobile phones and digital TV devices.

Alexander Wiedmer, partner at Iris Capital, stated, "We believe that Bluestreak's unique technology is poised to capture a sizable market share in Europe as operators look to leverage content through rich media applications. Orange's success with its Bluestreak powered applications in France has already validated this approach."

Tomorrow Group Chairman Il Ho Kuk said that "Bluestreak's technology represents the cutting edge in the rich media field. We look forward to working together on the many business opportunities for the company in Korea."

"All areas of Bluestreak's business are witnessing incredible growth, especially in Europe and Asia. We are pleased to accompany them in this next growth phase," said Jacques Bernier, SVP information technologies, telecommunications, and industrial innovations at Solidarity Fund QFL. Steven Abrams, Director, BDC Venture Capital, added: "Bluestreak has been building solid traction in the market and this funding will allow the company to execute on these opportunities."

Bluestreak CEO Paul Forostowsky commented: "This has been a breakout year for Bluestreak. Since the beginning of 2007 we've announced JAVA and BREW versions of MachBlue Mobile and new partners in Dutch operator KPN and Thomson on the DVB-H side. Our digital TV business has also been growing substantially, with great strides in the IPTV sector. This latest round of financing, propelled by geographically diverse investors, will allow Bluestreak to further consolidate our position in the fast-growing rich media market and to continue winning major accounts worldwide including in the Chinese and Korean markets."

Bluestreak will be exhibiting at the Symbian Smartphone Show in London on October 16 & 17 and at the CTIA WIRELESS I.T. & Entertainment 2007, in San Francisco from October 23 to 25.

* MachBlue Mobile implements a subset of the Flash® 7 specification, supplemented with the MachBlue Mobile API enabling enhanced handset control and integration.

Flash® is a registered trademark of Adobe Systems, Inc. in the United States and other countries.

About Bluestreak Technology, Inc.

Bluestreak Technology, formerly known as Bluestreak Technology Network, is the creator of the award-winning MachBlue™ platform, which enhances sophisticated applications and user interfaces on mobile phones and television set-top boxes. The MachBlue platform gives network operators and OEMs the power to create engaging, rich-media user experiences (UX). Bluestreak Technology is a technology partner with such industry leaders as STMicroelectronics, ACCESS, Orange, KPN, Videotron, Time Warner Cable, Thomson, NDS and OpenTV. The company won top honors in the 2006 Orange Partner Innovation Contest, an accolade awarded to the "Best of the Best" in innovative mobile products, services, or technology concepts.

About Iris Capital

Iris Capital is a pan-European venture and development capital fund specializing in media, communication and IT. Since its inception in 1986, the Iris Capital team has invested in over 200 companies a total of more than EUR 750 million. Iris Capital targets opportunities in high-growth technology or service companies, across various stages of development. It provides active support to its portfolio companies related to its specialization and its experience. Based in Paris, the Iris Capital team has invested to date in 18 European countries as well as in North America.

About Tomorrow Group

Tomorrow Group Inc. is based in Korea with offices in Vancouver, Canada and Dallas, USA. Tomorrow Group Inc. is founded on the basis of three philosophies: respecting nature, caring for mankind and nurturing and fostering human potential. Tomorrow Group has diversified business interests from IT/Media, Rotis Traffic information System, Internet TV, Multimedia Design, Kumkangsan Land water park, Caribbean Seoul water park, Hawk Eye Golf Course, Taeo water park design and construction, Sutech waste management plant and Kuk Il Ho scholarship foundation.

About Solidarity Fund QFL

With net assets of over $7.2 billion as at May 31, 2007, the Solidarity Fund QFL is a development capital company that through its RRSP channels the savings of Quebecers into investments in all sectors of the economy to help create and maintain jobs and to further Québec's economic growth. The Fund is a partner, either directly or through its network members, in 1,696 companies. It currently has nearly 575,000 shareholders and has helped, on its own or with other financial partners, to create, maintain and protect over 122,000 jobs. For more information, visit

About BDC Venture Capital

BDC Venture Capital is a major venture capital investor in Canada, active at every stage of the company's development cycle, from seed through expansion. Its focus is on technology-based businesses that have high growth potential and that are positioned to become dominant players in their markets. Established in 1975, BDC Venture Capital has invested in over 400 different companies to date. It currently manages more than $750 million in venture capital investments in the areas of Life Sciences, Telecommunications, Information Technology, Advanced Technologies, and Funds Investments.

About First Capital Group

First Capital Group is a private investment firm that provides equity capital to companies that fall into three general investment categories: early-stage, expansion-stage, and management buyouts and special situation investments in small and middle-market companies at more mature growth stages. Since its inception in 1984, the principals of First Capital Group have established an outstanding record of accomplishments and reputation for assisting management of its portfolio companies in such areas as planning, capital formation, capital budgeting, merger and acquisition evaluation, and planning and executing exit strategies.

Contact Information

  • More information:

    Martin Carrier
    Vice President, Marketing and Communications
    Bluestreak Technology
    M: +1 514 295 4840
    E: Email Contact

    Eric Seymour
    March Communications
    T: 617-475-1564
    E: Email Contact