Video Startup Raises $7.1 Million in Funding
First Round From General Catalyst Partners and Voyager Capital
By Todd Spangler -- Multichannel News, 7/17/2008 11:37:00 AM
Elemental Technologies, a startup developing “massively parallel” video-processing software, has closed its first round of $7.1 million in venture-capital financing from investors including General Catalyst Partners and Voyager Capital.
Based in Portland, Ore., ETI is developing software that uses general-purpose graphics processing units to provide video encoding, transcoding and filtering.
Joining the ETI board of directors are General Catalyst partner Neil Sequeira; Voyager Capital managing director Erik Benson; and Frank Gill, former executive vice president at Intel. Former Adobe Systems CEO Bruce Chizen will join the ETI board as an observer.
ETI was co-founded by Sam Blackman, Jesse Rosenzweig and Brian Lewis, who are former employees of Pixelworks, a fabless semiconductor company that went public in 2000.
“Video distribution on the Internet today is constrained by expensive, time-consuming video processing solutions,” Sequeira said, in a statement. “General Catalyst is excited to support ETI’s revolutionary GPU-accelerated processing to solve this bottleneck.”
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