Bluestreak Network, Inc.
, a leading provider of mobile TV and digital television technology, today announced the completion of $8 million in C-Round equity financing by internal investors Solidarity Fund QFL, BDC Venture Capital, and First Capital Group. Proceeds will be used to expand development of the company's award-winning MachBlue platform and to increase sales and engineering efforts in Europe and Asia.
"The growth in Europe and Asia has been explosive in all areas of Bluestreak's core business, including mobile, IPTV, cable, and satellite," said Jacques Bernier, SVP information technologies, telecommunications, and industrial innovations at Solidarity Fund QFL. Steven Abrams, director, BDC Venture Capital, added: "Opening two new offices in Paris and Hong Kong is the logical next step in taking the Bluestreak brand worldwide and continuing the company's rapid rate of expansion."
Paul Forostowsky, CEO of Bluestreak Network, identified several key trends that are driving the adoption of Bluestreak's technology, including the need of network operators to create complete user interfaces/MMIs for an ever-wider range of devices, and continuing consumer demand around the world for more intuitive ways to download, manage, and replay music and video, even when no connection to the network is available.
"During the past year, Bluestreak has established itself as the market leader in rich-media mobile TV applications, particularly because we have bridged the gap between DVB-H, 3G, and HSDPA technologies," said Mr. Forostowsky. "This latest round of funding will allow us to make further investments to port MachBlue to an ever-growing list of devices, and to expand our global sales, support, and localization services in direct response to operator and OEM demand."