JUNE 21, 2001 Video Compression Firm VideoLocus Gets US$391K Seed New Money WATERLOO, Ontario (VENTUREWIRE) -- VideoLocus, a developer of next- generation video compression and processing technologies, said it received CAD 600,000 (US$391,000) in seed funding from Tech Capital Partners. The company said it will use the funding for technology development. Tech Capital now owns a minority stake in VideoLocus, which has a post-money valuation between $650,000 and $3.3 million. Andrew Abouchar and Tim Jackson, the two managing partners at Tech Capital, have taken two of the four seats on VideoLocus's board. VideoLocus, formed in the second quarter of this year, consists of only the company's four founders: president, Mate Prgin; CTO, Lowell Winger; and co-vice presidents of research and development, Guy Cote and Michael Gallant. All four are former employees of PixStream, which was acquired by Cisco in December 2000. This is Tech Capital's first investment from its US$20-million Waterloo Tech Capital fund.
|
Portfolio Companies