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
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
"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
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 www.fondsftq.com.
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
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.