AUSTIN, TX, Global service provider for connected devices, has closed an additional $10 million in financing to build on its leadership position as an enabler of flexible cloud-based connectivity solutions.
Macheen Inc., a global service provider for connected devices, has closed an additional $10 million in financing to build on its leadership position as an enabler of flexible cloud-based connectivity solutions. Philippe Vallee, representing GemVentures, will join Macheen's Board of Directors as the company continues its drive to deliver greater choice for end-users and new monetization opportunities for device manufacturers, value-added resellers, network operators, and content and cloud service providers.
Macheen's existing investors also participated in this new financing. Existing investors include North Bridge Venture Capital, which led last year's Series B financing; and DFJ Mercury (a partner in the DFJ Global Network of venture funds, with over $7 billion in capital under management), which led Macheen's Series A financing in 2010. Also among Macheen's investment group are prominent angels and industry figures Tom Meredith, Mike Maples Sr. and Yechiam Yemini.
Richard Schwartz, Macheen's President and CEO, commented, "We are thrilled to welcome GemVentures as an investor and Philippe VallĂ©e as a board member. Philippe's vast knowledge, experience, and relationships will be invaluable to Macheen as we continue to expand our cloud-based connectivity services platform."
Philippe VallĂ©e added, "Macheen is exemplary of the kind of company in which GemVentures tends to invest: at the forefront of an exciting new opportunity, management with a track record of success, and early momentum that underscores and validates its approach. Richard and his team are building the future connectivity model for devices and we are happy to support innovation in the mobile industry."
Macheen Inc. enables connected device makers, retailers and solution providers to deliver products that are "hot-out-of-the-box"-shipped pre-connected to the Internet via mobile networks. Macheen's cloud-based platform supports new business models for device makers, retailers, cloud service providers and network operators alike. Macheen delivers breakthrough value by significantly increasing adoption rates and market penetration of connected devices and cloud services. Enrollment Partners include Dell and Lenovo. Headquartered in Austin, Texas, Macheen is a global corporation with services active in multiple continents and with wholly owned subsidiaries Macheen GmbH and Macheen Ltd.
Set up in Spring 2000 by the then Gemplus, with an initial funding of $75 million, GemVentures supports the development of innovative technology, applications and services by investing across Europe, the USA and Asia in promising and ambitious digital security businesses. Investments primarily focus on mobile communications, internet services access, digital payment transactions and digital identity. Unlike classic venture funds, GemVentures' aim is to offer its Partners more than money. In addition to financial backing, the companies chosen by GemVentures can benefit from technical support in the form of access to the latest technology, products, applications and solutions.
About North Bridge Venture Partners
North Bridge Venture Partners is an active, bi-coastal, early-stage venture capital firm based in Boston, Massachusetts and San Mateo, California. Established in 1994, and with approximately $3.2 billion under management, North Bridge provides seed-to-growth financing and company-building expertise. North Bridge's sector focus includes Software, Communications & Infrastructure, Healthcare Technology, Digital Media, and Materials. For more information, go to www.northbridge.com.
About DFJ Mercury
DFJ Mercury is a seed and startup venture capital firm. Headquartered in Houston, Texas, DFJ Mercury invests in compelling and novel information technology and science-based startup opportunities. DFJ Mercury works with portfolio companies to build globally competitive businesses, focusing on technology innovation in the U.S. Midcontinent. DFJ Mercury is a partner in the DFJ Global Network of venture funds which encompasses over 140 venture capital professionals, throughout the USA, China, India, South Korea, Vietnam, Europe, Israel, Brazil, and Russia, with more than 600 portfolio companies funded and over $7 billion of capital under management. For more information, please visit www.dfjmercury.com.