Stretch Inc. secures $10M in funding round for surveillance chips
NOVEMBER 13, 2009--Stretch intends to use the additional funding to support increased manufacturing capacity and tape-out of its third generation of devices.
NOVEMBER 13, 2009--Stretch Inc. (Sunnyvale, CA, USA; www.stretchinc.com), a developer of software-configurable processors, has received $10 million in mezzanine funding, co-led by existing investors Worldview Technology Partners, Oak Investment Partners, and Menlo Ventures.
"This last round of funding provides Stretch the financial security to scale our operations and attain profitability," says Craig Lytle, president and CEO of Stretch. "Where we have seen many startups fail in this difficult economy, Stretch's success is a testament to our ability to provide increased performance at a reduced cost for our customers."
Stretch has secured design wins with video surveillance OEMs and ODMs across the world; those customers are now in production, driving strong revenue growth. A partial list of customers includes Skyvision, EverFocus, Lanner, Advantech, Euresys, Matrox, Provideo, and UDP Technologies.
"2009 has been a watershed year for Stretch," comments Bob Beachler, Stretch's vice president of marketing, operations, and systems design. "Our third quarter was excellent, with revenue growing four times over second quarter, and we entered the fourth quarter with a healthy backlog to support a 3x revenue growth over the third quarter."
Stretch intends to use the additional funding to support increased manufacturing capacity and tape-out of its third generation of devices.
--Posted by Vision Systems Design, www.vision-systems.com