Vantrix secures $12 Mn in series B funding
Bangalore: Canada based Vantrix, a provider of mobile multimedia adaptation and delivery solutions, announced that it has secured $12 million in Series B financing, led by Chicago-based JK&B Capital. Existing investors Summerhill Venture Partners (the venture arm of Bell Canada Enterprises), Entrepia Ventures, BDC Venture Capital, and Innovacom (the venture arm of France Telecom), have also participated in this round. Vantrix will use the proceeds from the Series B round to expand the company?s operations globally and to invest in infrastructure and R&D to support the company?s rapidly growing customer base. "Media companies and wireless operators face two types of problems when it comes to stimulating consumption of mobile content: device fragmentation and the lack of scalable business models," said Ali Shadman, Partner at JK&B Capital, who has also joined Vantrix's board of directors. "Vantrix possesses the intellectual property and vision to solve both problems and facilitate the mass market adoption of mobile media. Vantrix?s unique technology and strong management team makes a very powerful combination." Joe Catalfamo, Managing Director of Summerhill Venture Partners, added, "Vantrix's market momentum is remarkable and continues to accelerate. Live video and audio streaming and delivery, video over WAP and cross-platform multimedia alerts are some of the applications that Vantrix powers and we believe the company is poised for very significant growth in the coming years." In conjunction with the financing, Vantrix also announced the opening of a new sales and R&D office in Bangalore, and the expansion of its New York office. Based in Montreal, the company has presence in the U.S., Europe, the Middle East and Asia and participates and supports standards bodies such as 3GPP, 3GPP2, the Mobile Marketing Association (MMA), the dotMobi Advisory Group and the Open Mobile Alliance (OMA), and has proudly chaired the OMA sub-committee for the Standard Transcoding Interface (STI) since 2004.