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News

Mezzanine finance of $10M to fund increased capacity at Stretch

Stretch : 23 November, 2009  (Company News)
A strong year to date bolsters confidence in Stretch to support financing to the tune of $10 million USD for product development and manufacturing capacity
Stretch has received $10 million in mezzanine funding, co-led by existing investors Worldview Technology Partners, Oak Investment Partners, and Menlo Ventures.

"This last round of funding provides Stretch the financial security to scale our operations and attain profitability," said Craig Lytle, president and CEO of Stretch. "Where we have seen many startups fail in this difficult economy, Stretch's success is a testament to our ability to provide increased performance at a reduced cost for our customers."

Stretch has been successful in securing design wins with major video surveillance OEMs and ODMs across the world, and those customers are now in production, driving strong revenue growth. A partial list of customers includes Skyvision, EverFocus, Lanner, Advantech, Euresys, Matrox, Provideo, and UDP Technologies.

"2009 has been a watershed year for Stretch," commented Bob Beachler, Stretch's vice president of marketing, operations, and systems design. "Our third quarter was excellent, with revenue growing four times over second quarter, and we entered the fourth quarter with a healthy backlog to support a 3x revenue growth over the third quarter."

Stretch intends to use this additional funding to support increased manufacturing capacity and tape-out of its third generation of devices.

With more than sixty employees, and offices worldwide, Stretch has received twenty patent awards and more patents pending.

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