Elemental Technologies, provider of video processing software, secures first round funding from General Catalyst Partners and Voyager Capital

July 18, 2008

2 Min Read

PORTLAND, Ore. -- Elemental Technologies Inc. (ETI), a leading provider of massively parallel video processing software, has closed its first round of venture capital financing. Industry leaders General Catalyst Partners of Boston, Massachusetts and Voyager Capital of Seattle, Washington co-led this $7.1M investment.

Named to ETI's Board of Directors are Neil Sequeira, Partner at General Catalyst Partners; Voyager Capital's Managing Director Erik Benson; and Frank Gill, former Executive Vice President at Intel Corporation. Bruce Chizen, former CEO of Adobe Systems, will join the board as an observer.

"We now have the capital to aggressively ramp our RapiHD(TM) and Badaboom(TM) product lines, as well as attack new Internet and IPTV video processing markets," said Sam Blackman, CEO of ETI. "We are thrilled to have Erik, Neil, and Frank joining our Board, and look forward to the impact they will have on ETI's future."

ETI is the leading provider of massively parallel processing (MPP) solutions, initially targeting video applications. Utilizing general purpose, programmable "off-the-shelf" graphics processing units (GPUs), ETI software performs video encoding, transcoding, and filtering at unprecedented speeds while maintaining the highest video quality. The company's Badaboom(TM) Media Converter allows consumers to format their media up to 10 times faster than existing solutions, and the RapiHD(TM) line of professional products enables non-linear editors, media companies, and content delivery networks to accelerate the delivery of high-quality video. Both products are designed for the tremendous processing power of NVIDIA GPUs, which are driving the next generation of PCs optimized for visual computing. ETI was co-founded by Sam Blackman, Jesse Rosenzweig, and Brian Lewis, veterans of venture-backed Pixelworks (NASDAQ: PXLW), a fabless semiconductor company that went public in 2000.

"Video distribution on the Internet today is constrained by expensive, time-consuming video processing solutions," said Neil Sequeira of General Catalyst Partners. "General Catalyst is excited to support ETI's revolutionary GPU-accelerated processing to solve this bottleneck." General Catalyst is one of the foremost venture investors in the Internet video and New Media market spaces.

"During my tenure at Adobe, we brought critical Internet technologies like Acrobat and Flash to the market," said Bruce Chizen, former CEO of Adobe Systems. "Elemental's GPU-accelerated software is similarly disruptive in nature and will radically improve how video is processed for content providers and end users." "It has been estimated that there is $137B worth of infrastructure improvements required over the next few years to ready the Internet for the coming video onslaught," said Frank Gill, former Executive Vice President at Intel. "ETI's technology is perfectly targeted to reduce the cost of this infrastructure for Internet data centers, as well as minimizing total power consumption."

Elemental Technologies Inc. (ETI)

Subscribe and receive the latest news from the industry.
Join 62,000+ members. Yes it's completely free.

You May Also Like