SOURCE: Mitrionics, Inc.

May 15, 2007 09:01 ET

Mitrionics Secures $6M in VC Funding to Expand International Operations and Product Development

Accelerated Computing Market Growth Fuels Demand for Advanced Computing Technologies

LUND, SWEDEN -- (MARKET WIRE) -- May 15, 2007 -- Mitrionics AB, developer of the Mitrion Software Acceleration Platform, today announced it has closed $6 million of venture capital funding from three investment firms: Grande Ventures, LLC, is a United States-based firm and lead investor in this round, and Creandum and Teknoinvest, are Scandinavian-based firms and share holders in Mitrionics based on previous investments. Mitrionics will utilize the funding to further enhance its technological and market leadership in FPGA-based accelerated computing by expanding its international sales and support operations and increasing its research and development efforts. Mitrion-accelerated applications provide a dual customer benefit by increasing application performance up to 20x or greater over traditional processors, while enabling hardware to execute the applications using only a fraction of the power consumed by traditional processor clusters.

"Mitrionics has made a significant industry impact with its software acceleration technology," said Michael Antone, Partner at Grande Ventures, and newly appointed member to the Mitrionics Board of Directors. "Grande Ventures is very enthusiastic about Mitrionics' role in the emerging accelerated computing market and we look forward to helping them reach their next levels of growth, organization, and success."

"We're pleased to announce this latest round of financing from our new investment partner Grande Ventures and our long-standing investors Creandum and Teknoinvest," stated Anders Dellson, CEO of Mitrionics AB. "Customer demand for our software acceleration technology is strong and growing, especially in bioinformatics. With this new investment, we will grow our team and add resources both in the US and in Sweden. We will focus on continuing our technology leadership in FPGA-based computing by expanding the Mitrion platform and bringing more Mitrion accelerated applications to the market."

About Creandum

Creandum is an independent partner owned Nordic venture fund founded in 2003, investing in companies' earliest phases. The fund is focused on investments in innovative technologies and/or business models in high growth markets backed by outstanding entrepreneurs. More information is available at: www.creandum.com.

About Grande Ventures, LLC

Grande Ventures, LLC is a venture capital firm located in Columbia, Maryland, USA. The firm partners with entrepreneurs, as well as other venture firms, in a variety of technologies, to develop and implement strategies to overcome the challenges to successful entry into the marketplace. More information is available at: www.grandeventures.com.

About Teknoinvest

Teknoinvest is a premier Scandinavian venture capital company headquartered in Norway. We invest in areas of emerging technologies within the ITC and Life Sciences sectors in Scandinavia. Teknoinvest was established as the first venture capital investment company in Norway in 1984 and is one of the most successful VCs in Scandinavia according to our track record of value created for our investors. We have an extensive network throughout Scandinavia and the US which has enabled us to invest in and help develop several successful companies. More information is available at: www.teknoinvest.no.

About the Mitrion Platform

The core of the Mitrion Platform is the fine-grained, massively parallel Mitrion Virtual Processor. Together with the Mitrion-C parallel programming language, it offers a unique software-centric acceleration platform for FPGA-based computing systems. The Mitrion Virtual Processor has a unique architecture that adapts to each software application it executes in order to maximize performance.

About Mitrionics

Founded in 2001, Mitrionics AB is the technology leader in the exciting new field of FPGA Accelerated Computing which provides higher processing power and lower energy consumption than traditional CPU clustered computer systems. The Mitrion Platform is unique software acceleration solution that eliminates the need for circuit design skills, thus making FPGA Supercomputing performance accessible to an entire new market of scientists and developers. The company has a US subsidiary, Mitrionics, Inc., based in Los Angeles, California. Key industry relationships include Cray, Nallatech, and Silicon Graphics. Mitrionics and Mitrion are trademarks and/or service marks of Mitrionics AB. All other marks are the property of their respective owners. For more information, visit the company web site at www.mitrionics.com or email: info@mitrionics.com.

Contact Information

  • Company Contact
    Anders Dellson
    Mitrionics
    Ph: +46 703 599 940
    Email: Email Contact

    Media Contact
    Joe Waldygo
    TopSpin Communications, Inc.
    Ph: 480-632-5050
    Email: Email Contact