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| Press Release |
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| January 09, 2006 |
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| Encirq Raises $14 Million in Series B Funding for Rapid Global Expansion |
| Investment supports worldwide expansion delivering a new era of data-driven product capabilities, services and business models |
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| BURLINGAME, CA, January 9, 2006 – Encirq Corporation, the leading provider of high performance data management solutions for embedded systems, announced today it has raised $14 million in Series B funding. Menlo Ventures led the financing, joining existing investors JPMorgan Chase, Geneva Venture Partners and Novus Ventures. Japan-based Sunbridge Corporation and Itochu Technology Ventures also participated in the financing. Encirq will use the funds to accelerate international growth, expand marketing and sales, strengthen its presence in Japan, and continue evolving its flagship product, the Encirq® Data Foundation™ Framework. |
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| “Encirq is clearly well-positioned as the market leader with
a compelling product in a high-growth market space,” said Mark
Siegel, managing director, Menlo Ventures. “With its innovative
product architecture and outstanding execution, the team has developed
a huge barrier to entry for any potential competitors. Menlo Ventures
is extremely pleased to support Encirq in the Series B round, and
will help in accelerating strategic relationships with key customers
and partners.” |
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| Supporting Encirq’s vision to continue adding seasoned professionals
to its experienced management team, Menlo Ventures’ managing
director Mark Siegel has joined the company’s Board of Directors,
along with David Golden, managing director, JPMorgan Chase, Mark Vogel,
CEO, Encirq, Stewart Schuster, general partner, Novus Ventures, and
Igor Sill, managing director, Geneva Venture Partners, Inc. |
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| Strategic customers are already shipping innovative, award-winning products based on Encirq
technology. The company continues to rapidly extend its vertical reach
into intelligent connected device markets including digital set-top
boxes, automotive telematics systems, audio entertainment systems
and networking equipment. With nearly one million units in the market,
Encirq has become a leader in the data management marketplace and
continues to grow exponentially. |
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| “Encirq has successfully pioneered and driven the adoption
of an entirely new class of high-performance data management solutions
to the software device market,” said Mark Vogel, co-founder
and CEO, Encirq. “Over the past year, Encirq has built tremendous
momentum, validating our model with significant customer wins, partnerships,
funding and new talent. We are poised to accelerate our aggressive
global business operations expansion and will succeed in our quest
to transform the economics of building intelligent devices.” |
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| The Encirq Data Foundation Framework is a breakthrough solution providing
software development teams with a simpler and more efficient approach
for building optimized intelligent devices. The Framework automates
nearly 50% of the application software development effort resulting
in higher quality performance-optimized products while enabling a
new class of data-driven capabilities and services. With Encirq, developers
can: |
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Reduce software development time and costs by up to 80% |
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Optimize performance while reducing bill of materials costs |
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Improve application quality, flexibility and portability |
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Increase engineering capacity for product innovation and differentiation |
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| “Intelligent device OEMs and related software providers are
under intense pressure to control spiraling development costs while
delivering a steady stream of innovative products to fast-changing
markets,” said Chris Lanfear, research director, Embedded Software
Group, Venture Development Corporation (VDC). “Efficiently managing
and making the most of the data flowing through these devices is critical
for product success. Encirq is playing a pivotal role in helping companies
streamline product development while improving their ability to build
innovative, highly-differentiated products and services that results
in increased revenue, margins and market share.” |
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About Encirq
Encirq Corporation, the pioneer in high-performance data management
solutions for embedded systems, is enabling a new era of data-driven
capabilities and services for modern intelligent devices. Encirq offers
a unique, data-centric application framework that provides device
manufacturers and related software providers with a simpler, more
efficient approach to building the software that powers award-winning
products. Customers worldwide in the wireless, digital consumer electronics,
automotive and networking industries use the Encirq Data Foundation
Framework to accelerate innovation while reducing complexity, cost
and time to market. Founded in 1998, Encirq is headquartered in Burlingame,
CA. For more information, please visit www.Encirq.com. |
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About Menlo Ventures
Since 1976, Menlo Ventures has helped visionary leaders turn technical
innovations into world-class companies. The firm looks for combinations
of management, market opportunity, and products or services that
create the potential for an exceptional rate of return. Since its
inception in 1976, Menlo Ventures has organized and managed nine
venture funds with a combined capital of $2.7 billion, including
recently raising an additional $1.5 billion. Menlo has invested
in a wide range of companies now leading their sectors including
Clarify, Digital Market, Red Brick Systems, Rubric, Ascend Communications,
Aspect Telecommunications, Bay Networks, Octel Communications Corporation,
and Stratacom. For more information, please visit www.menloventures.com. |
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