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Virtualization startup bags $16M financing

Posted: 13 Jul 2007 ?? ?Print Version ?Bookmark and Share

Keywords:virtualization startup? $16M financing? VirtualLogix solutions?

Real-time virtualization company VirtualLogix Inc. has secured $16 million in Series B financing from new investors, Esprit Capital Partners and Intel Capital, and current investors, Atlas Venture and Index Ventures.

The funding will be used primarily to accelerate the company's global growth strategy and develop the next generation of VirtualLogix's real-time virtualization software solutions.

"VirtualLogix is pioneering the application of virtualization for embedded real-time connected devices," said Peter Richards, CEO of VirtualLogix. "This additional financing confirms the potential that investors see in the market, our leadership team and our technology. We look forward to working with our investors and partners to accelerate the next phase of the company's growth and leadership in real-time virtualization."

"We are very excited to be backing VirtualLogix and are very impressed by the progress that the company has made to date," said Tom Bradley, partner at Esprit Capital Partners. "We believe that the company's focused strategy, its unique technology and strong management team provide a robust foundation for its future success. We look forward to working together with its management team to grow the business to the next level."

VirtualLogix has experienced strong momentum in initial vertical market segments that include digital multimedia, network infrastructure and mobile handsets. The company works closely with leading semiconductor companies like ARM, Intel, NXP and Texas Instruments to bring its solutions to device manufacturers. The company also recently expanded its presence in Asia.

VirtualLogix's VLX software enables multiple OS to run concurrently on shared hardware, while maintaining the hard real-time and high throughput requirements prevalent in connected devices. Using VLX, customers are able to lower bill of materials, improve security and reliability, while speeding time to market by utilizing the best of both proprietary and open source software.

As part of the investment, Tom Bradley, partner at Esprit Capital Partners, will join the Board of VirtualLogix and John Mascarenas, from Intel Capital, will join the Board as an Observer. VirtualLogix has raised a total of 28 million dollars to date with investors that include Atlas Venture, Cisco Systems, Esprit Capital Partners, Intel Capital and Index Ventures.

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