SUNNYVALE, CA--(Marketwire - November 11, 2009) - Stretch Inc., the pioneer and leader in software configurable processors, today announced it 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," said 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 been successful in securing design wins with major video surveillance OEMs and ODMs across the world, and 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," commented 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 this additional funding to support increased manufacturing capacity and tape-out of its third generation of devices. With more than sixty employees, and offices worldwide, Stretch has received twenty patent awards and more patents pending.
About Worldview Technology Partners
Worldview Technology Partners is a leading venture capital firm focused on investing in and building leading U.S. technology companies. Worldview's comprehensive, industry-leading business development services help its portfolio companies succeed in U.S. and international markets. With a 12-year track record of successful technology investing and close to $1.4 billion under management, the Worldview team -- now on its fourth fund -- has both the experience and the resources to invest in a broad range of information technology markets, including semiconductors, enterprise infrastructure, and software.
About Oak Investment Partners
Oak Investment Partners is a growth-oriented private equity firm with a total of $8.4 billion in committed capital. Investments are primarily focused on growth opportunities in clean energy, communications, information technology, internet new media, financial services information technology, healthcare services and consumer retail. Over a 30-year history, Oak has achieved a strong track record as a stage-independent investor funding more than 481 companies at key points in their lifecycles.
About Menlo Ventures
Menlo Ventures provides long-term capital and management support to early-stage and emerging-growth companies. Menlo is one of Silicon Valley's oldest venture capital partnerships, and has organized and managed ten venture funds since their inception in 1976. With over $4 billion under management, and a team with over 200 years of collective experience in technology, marketing, sales and general management, they have the resources to support the most ambitious of projects.
Stretch Inc. is delivering a family of software configurable processors, the first to embed programmable logic within the processor. Using familiar C/C++ programming tools, system developers automatically configure Stretch's off-the-shelf processors to achieve extraordinary performance, easy and rapid development, significant cost savings, and flexibility to address diverse markets and changing application needs. Stretch devices are used in video processing, machine vision, and wireless applications worldwide. For more information, visit www.stretchinc.com.