JVP Leads New Funding Round.
SAN MATEO, Calif., Jan. 28, 2004 – TAK’ASIC, a leading innovator in dedicated imaging processors and solutions, today announced it has closed its Series C funding, raising an additional $16.25 million. JVP (Jerusalem Venture Partners) led the round that included all initial investors -- Sofinnova Partners, Doughty Hanson Technology Ventures, Ventech, SPEF Venture and Innovacom. New investor CrossBridge Venture Partners of Japan also participated in the round. Based on industry leading image compression and processing technologies, TAK’ASIC processors are incorporated in a host of digital office products such as printers, copiers and MFPs from leading hardware, electronics and peripherals manufacturers worldwide.
TAK’ASIC intends to use the latest investment to solidify its presence in the digital office equipment market, particularly within the expanding sector for entry level, office-class color page printers. The company also plans to leverage its high performance technology to expand into new high volume color imaging market segments.
“Digital imaging providers are increasingly seeking technologies that enable higher performance digital photo printing output with requisite cost-efficiency,” said Tal Lev, principal with JVP, who is joining TAK’ASIC’s board of directors. “TAK’ASIC’s strategy and direction to become a leader in this hyper-growth market segment is perfectly aligned with our investment strategies at JVP.”
According to TAK’ASIC CEO, Doug Goodyear, “there is increasing demand for faster photo printing especially with devices that interface directly with the printer such as digital cameras and mobile phones.” “Well over nine billion digital photos will be printed this year, and consumers want those prints ready in seconds, not minutes. With our core expertise in providing very high speed and cost efficient solutions for color printing this is the optimal timing for us to expand our solutions portfolio,” Goodyear said.
"TAK'ASIC's seasoned management team has successfully engaged with a world-class list of customers and partners, particularly in Asia," said Alain Rodermann, partner, Sofinnova Partners. "Going forward, these global relationships with a focus on leading Asia technology markets place the company in an excellent position to capitalize on the explosion in digital imaging.”
In the past six months TAK’ASIC has focused on launching a new, industry leading SOC (System-on-Chip), the TAKPRO-800, as well as forming strategic partnerships to help steer product development and expand its sales operations in Asia. During that period the company also relocated its headquarters operations from France to the U.S. and incorporated in Delaware.
TAK’ASIC is a leading innovator in dedicated imaging processors and solutions for the digital office equipment market including advanced copiers, printers, multi-function peripherals, scanners, faxes and network servers. Based in San Mateo, Calif., TAK’ASIC serves the needs of OEMs requiring leading edge technology and outstanding price/performance. Founded in 1991, the company maintains development, sales and support locations in the U.S., Europe and Asia. Additional information about TAK’ASIC can be found at www.takasic.com.
JVP is a leading international venture capital firm focusing on investments in early stage companies in the enterprise software & networking, semiconductors & components & mobile infrastructure sectors. With over $670 million under management, and offices in NY, London, Jerusalem and Tokyo, JVP leverages its international presence, vast expertise and substantial capital base to build companies with the potential to shape and dominate global markets. To learn more about JVP, visit www.jvpvc.com.
About Sofinnova Partners
Created in 1972 in Paris, where it is still headquartered, Sofinnova Partners is one of the leading independent venture capital firms in France and in Europe. With key operations in the information technology and life science sectors, its investment strategy is based on two principles: "Invest in projects with a high potential in their early stages of development" and "Act as lead or co-lead investor". Its investment team consists of 12 professionals who are all experts in their field and can assist companies in which Sofinnova chooses to invest. Sofinnova Partners has more than 500 million euros under management, a loyal base of international investors, and plans to strongly reinforce its European development in the coming years.
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