RT....eDevice Awarded $3.4 Million in Venture Capital Funding to Develop Light
Internet Device Technology
Business Editors
NEW YORK--(BUSINESS WIRE)--July 31, 2000--eDeviceTM, Inc., a
start-up company which specializes in the development of
Internet-enabling technologies, has been awarded $3.4 million in
venture capital funding to support the development of its light
Internet device technology.
The funding has been provided by Vertex Technology Fund III and
LCF Rothschild, as well as a group of Internet and technology
investors including Joseph Haddad, chief executive officer of NetGem,
and Alex Attal, chief executive officer of Freelance.com.
Created in late 1999, eDevice has created a new technology called
SmartStackTM that allows any office or industrial equipment, consumer
electronics device or household appliance or system to connect to the
Internet without a personal computer.
The market for light Internet devices is expected to grow quickly.
According to the analyst firm IDC, in 2003 half of all Internet
connections will be generated by non-PC devices. Applications for
SmartStack include maintenance of industrial devices, remote metering
and control of home or commercial heating and air conditioning
systems, management of vending machines and more.
eDevice co-founder and chief technology officer Stephane Schinazi
is the inventor of the first line-powered modem and the first socket
modem. He brings to the company an expertise in embedded communication
technology based on years of original research and product development
experience.
With the investment by Vertex, the venture capital arm of
Singapore Technologies, eDevice is expanding its international
development and support. "It is strategic for us to open our capital
to such an important Asian fund because many of the manufacturers we
are targeting are in Asia," said Marc Berrebi, chief executive
officer, eDevice. "Vertex has an interesting background because they
invested very early in Internet-enabling technology."
Web LCFR, the investment fund of the LCF Rothschild group,
specializes in Internet and mobile phone applications. "We were
immediately convinced by the quality of the eDevice management team
and by its approach to technology," said Antoine Le Bourgeois, Web
LCFR Managing Director. "eDevice has an ambitious strategy and,
through the new structure we have organized to support the development
of our investee companies, we will be able to help them reach their
objectives."
eDevice is currently setting up distribution for its technology.
It is developing a sales force and creating partnerships with
integrators, application service providers and Internet service
providers to sell, support and promote its products.
"In the next months, we will focus our R&D efforts -- representing
40 percent of our investments -- on our Internet-access technology and
on new access technologies such as Ethernet, GPRS (General Packet
Radio Service), power lines and radio," Mr. Schinazi said. "Our
objective is to offer the lightest solution for direct connection to
the Internet and with the same client interface, whatever the
infrastructure."
"We are recruiting salespeople and strengthening our pre-sales
support team to accelerate the implementation of our technology," said
Alex Guillot, Vice President/U.S. Sales, eDevice. eDevice is staffed
by 10 people in Bordeaux, France and four in New York, with plans to
add 10 engineers and salespeople in the near future.
About Vertex Management (www.vertexmgt.com)
Vertex Management is an international venture capital firm with
over $600 million under management by offices in Singapore, the United
States, Taiwan and Israel. It has invested in more than 200 companies,
more than 50 of which have been listed on stock exchanges in U.S.,
Europe, Taiwan and Singapore. Successful investments include Creative
Technologies, Silknet Software, Accrue Software, Ramp Networks,
Brokat, Genesys, Gemplus and Integra SA. Vertex is a member of the
Singapore Technologies Group, a multi-billion dollar conglomerate of
over three hundred public and private companies. Singapore
Technologies has diverse interests in engineering, finance,
infrastructure, property and technology.
About the LCF Rothschild Group (www.lcf-rothschild.fr)
Active since 1986 in the venture capital and development capital
businesses, the LCF Rothschild Group has developed several investment
funds in its Private Equity group, generating more than 160
investments, most of which have been in technology enterprises.
Created within the LCF Rothschild Group in April 2000, Web LCFR is an
investment fund specializing in Internet and mobile communication
applications. It has made five investments during the three months
since its inception.
About eDevice (www.edevice.com)
eDevice, Inc. markets SmartStack, a new technology that allows any
office or industrial equipment, consumer electronics device or
household appliance or system to access the Internet at low cost and
without the use of a personal computer, external modem or browser.
SmartStack is the first technology of its kind in the new Light
Internet Device segment. The company is based in New York with
research and development facilities in Bordeaux, France.
eDevice and SmartStack are trademarks of eDevice, Inc.
--30--rc/ny*
CONTACT: KCSA Worldwide
Yin Chang/Michael Kniat
(212) 896-1228/896-1238
ychang@kcsa.com/mkniat@kcsa.com
KEYWORD: NEW YORK INTERNATIONAL EUROPE
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS E-COMMERCE INTERNET
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Jul-31-2000 15:07 GMT
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