Catalytic Receives $6 Million in Funding from New Enterprise Associates, Bringing Total Raised to $6.6 Million Since 2001 Start.Business Editors PALO ALTO Palo Alto, city, California Palo Alto (păl`ō ăl`tō), city (1990 pop. 55,900), Santa Clara co., W Calif.; inc. 1894. Although primarily residential, Palo Alto has aerospace, electronics, and advanced research industries. , Calif.--(BUSINESS WIRE)--Feb. 16, 2004 Funding Earmarked for Expanding Marketing, Distribution Channels in Preparation for Product Launch Catalytic Inc. announced today that it has raised $6 million in first-round funding from leading venture capital firm New Enterprise Associates (NEA NEA abbr. 1. National Education Association 2. National Endowment for the Arts NEA (US) n abbr (= National Education Association) → Verband für das Erziehungswesen ), bringing the total amount raised to $6.6 million. ITU Ventures This article or section needs sources or references that appear in reliable, third-party publications. Alone, primary sources and sources affiliated with the subject of this article are not sufficient for an accurate encyclopedia article. and angel investors, who also invested in this round, provided seed funding Seed funding is investing capital to begin a new project, so that it has enough funds to sustain itself for a period of development until it reaches either a state where it is able to continue funding itself, or has created something in value so that it is worthy of future rounds . The additional funding will be used as working capital, primarily to expand Catalytic's marketing and distribution channels. It will announce later in 2004 software that creates a path from Digital Signal Processor A digital signal processor (DSP) is a specialized microprocessor designed specifically for digital signal processing, generally in real-time computing. Characteristics of typical Digital Signal Processors
"While few fund managers comprehend the challenges associated with DSP design, NEA did and immediately recognized the value of our software," notes Dr. Randy Allen James Randall (Randy) Allen (born January 26, 1965 in Milton, Florida) is an American former professional basketball player. A 6'8" forward from Florida State University, Allen was never drafted by an NBA team but did manage to play two years in the NBA form 1988 to 1990 for the , Catalytic's chief executive officer (CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. ) and founder. "As a result, we expect NEA to offer sage wisdom and invaluable insight to help us achieve our goals." Dr. Forest Baskett, NEA venture partner, will join the Catalytic board and notes: "DSPs consistently have been a bright spot during the dismal electronics industry downturn and will be for the foreseeable future. Randy Allen and the Catalytic technical team spotted a difficult, challenging technical deficiency and have developed an exciting solution." "ITU Ventures is pleased to see Catalytic making the transition from one person's great idea to a company with a grand vision and powerful products," adds Jonah Schnel Jonah Schnel is co-founder and Managing Partner of Los Angeles-based venture capital firm, ITU Ventures. He is also current Director of Surfect Holdings and has been serving on Surfect Technologies' Board of Directors since June 2006. , ITU (International Telecommunication Union, Geneva, Switzerland, www.itu.ch) A telecommunications standards body that is under the auspices of the United Nations. Comprising more than 185 member countries, the ITU sets standards for global telecom networks. managing partner. "Catalytic's forward progress validates our strategy of investing early in ideas incubated in an academic environment." About NEA New Enterprise Associates (NEA) is a leading venture capital firm investing in information technology and healthcare companies. Practicing classic venture capital for over 25 years, NEA focuses on early stage investments, playing an active role in assisting management to build companies of lasting value. With $5 billion under management, NEA's experienced management team has invested in over 500 companies, of which more than 135 have gone public and more than 150 have been acquired. NEA has offices in Reston, Va., Menlo Park, Calif., and Baltimore, Md. For additional information, visit www.nea.com. About ITU Ventures ITU Ventures (www.itu.com) is the premier venture capital firm serving the unique needs of technology businesses emerging from the nation's leading research universities. With a capital base of over $80 million from strategic institutional investors, ITU Ventures invests in early-stage companies that are commercializing next-generation communication and semiconductor-related technologies. About Catalytic Catalytic speeds the development of Digital Signal Processor (DSP) applications by creating an efficient path from algorithmic specification to implementation. Catalytic was founded in 2001 by Dr. Randy Allen, a successful entrepreneur, world-renowned compiler technology expert and the co-author of the book, "Optimizing Compilers for Modern Architectures: A Dependence-based Approach." Corporate headquarters are located at 1900 Embarcadero Road, Suite 206, Palo Alto, Calif. 94303. Telephone: (650) 846-2555. Facsimile: (650) 846-2557. Email: info@catalyticinc.com. More information about Catalytic can be found at its website located at: http://www.catalyticinc.com. Catalytic Inc. acknowledges trademarks or registered trademarks of other organizations for their respective products and services. |
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