|
Dedicated Devices, Inc. Raises $6 Million Series B Funding
Palomar Ventures Leads Investment in Digital Home Networking Start-Up
NAMPA, IDAHO -- February 21, 2005 Dedicated Devices, Inc. (DDi), a designer and manufacturer of a new generation of digital home networking products, today announced it has secured $6 million in Series B funding. This round will be used for ongoing product development and increased sales and marketing efforts of the company's products introduced in September 2004.
Boise-based Highway 12 Ventures began its association with DDi with a Series A investment in 2003, and introduced the company to Palomar Ventures as the lead of this round. Additional investors include UV Partners, Village Ventures, and a number of angel investors who participated in previous funding rounds.
Amanda Reed, a partner in Palomar Ventures' Palo Alto offices, joins the DDi board today. "We are delighted to work with the Dedicated Devices team," said Reed. "DDi is the right combination of compelling technology, seasoned management and entrepreneurial energy. We're confident that DDi's professional-installation model will bring digital home networking to a broader market."
"We continue to be very enthusiastic about DDi's unique approach to delivering consumers an easy-to-use digital home experience, and are very encouraged by the company's momentum in a competitive market space," said Mark Solon, managing partner of Highway 12 Ventures.
DDi provides an easy-to-use digital home networking solution that allows homeowners to enjoy music, video and photos when, where and how they want. Using professional installers, DDi ensures that consumers have a reliable, intuitive experience from the moment the system is installed. DDi's Digital Distribution Center, a centrally located media server, combined with DDi's Digital Player and DDi Remote Control, seamlessly aggregate, distribute and manage all forms of digital media throughout the home eliminating the frustration of complex PC-based systems. In addition, DDi provides professional installers with an integrated solution eliminating the time and effort involved in designing and assembling a digital home networking system with hardware and software components from multiple vendors. Its high-performance architecture is standards based, and runs on a secure, high-speed wired and wireless backbone.
"With this round of funding, we'll be able to continue our extensive R&D and product development efforts, as well as aggressively support the delivery of our product when it ships in volume this spring," said Jeffrey K. Moeser, DDi co-founder and CEO. "In addition, my team and I will be able to tap into the great management and industry experience our venture partners offer."
About Dedicated Devices, Inc.
Headquartered in Nampa, Idaho, Dedicated Devices, Inc. (DDi) was founded in 2003 by former Micron Electronics, Inc., award-winning product development and management executives, as well as pioneers in the home integration and automation market. DDi is focused on delivering innovative and easy-to-use solutions to the digital home networking market. DDi has a co-branded distribution agreement with Leviton Integrated Networks, the residential structured cabling division of the Leviton Manufacturing Company, North America's leading manufacturer of electrical and electronic wiring devices.
For more information about the investors:
www.highway12ventures.com
www.uvpartners.com
www.villageventures.com
www.palomarventures.com
return
|
