Friday, August 03, 2001
VC Funds Former PixStream Staff
Plesman Staff, eBusiness Journal
When he was profiled in last month's eBusiness Journal, venture capitalist Timothy Jackson mourned the closing of PixStream Inc., his former employer.
Soon after the interview Jackson, a partner at Waterloo, Ont.'s Tech Capital Partners, was able to help four of his ex-colleagues. Tech Capital put $600,000 into VideoLocus Inc., a Waterloo startup which hopes to develop next-generation video compression and processing technologies.
PixStream also specialized in video compression before being closed in the spring, a mere four months after being bought by Cisco Systems Inc. The four VideoLocus partners— CEO Mat Prgin, CTO Lowell Winger, and vice-presidents Guy Cote and Michael Gallant - were members of PixStream's advanced engineering team.
Prgin hopes to use the seed funding to develop their technology over the next year and then apply it to products.