Rightware closed a $5.2 million series B round with participation by Inventure, Nexit Ventures and Finnish Industry Investment. Rightware, of Espoo, Finland, provides user interface technology for the mobile, automotive and other embedded industries.
ESPOO, Finland–(BUSINESS WIRE)–Rightware, the leader in embedded user interface (UI) software and performance benchmarking tools, announced today that is has closed a $5.2M Series B round with Inventure, Nexit Ventures, and new investor Finnish Industry Investment. The investment will be used to further expand global sales and continue the development of the Kanzi UI Solution, which continues to gain traction within the automotive sector and consumer electronics companies in Europe, USA and Asia.
The Kanzi UI Solution is already widely adopted by premium car manufacturers such as Audi AG, tier-1 suppliers such as Visteon (NASDAQ: VC) and is supported by leading semiconductor companies such as Freescale® Semiconductor, Inc (NYSE: FSL). During the few last months, Rightware has achieved several yet-to-be-announced major design wins with companies from consumer electronics and automotive industries. In Q1 2013, User Interface business revenues were more than double compared to Q1 2012 and the company forecasts the growth to further accelerate towards the end of the year.
“Rightware leads the embedded UI industry with its innovative technology and market penetration. The company promotes next-generation applications where integrated 2D & 3D graphics deliver better and faster user experiences,” said Jussi Hattula, Team leader of Growth Capital at Finnish Industry Investment Ltd. “We are excited to be part of this round and to work with the company to fulfill its vision.”
Rightware recently extended its market reach and momentum announcing a partnership RKS design, and a significant update to the Kanzi UI Solution. The recent equity investment will enable Rightware to further expand aggressively into automotive and consumer electronics and start addressing new and emerging markets including, entertainment, mobile, tablet, smart TVs and other embedded verticals.
“Rightware is at a fast-growth stage as companies and designers begin to use photorealistic and immersive graphical user interfaces in their products,” said Jonas Geust CEO of Rightware. “Our commitment is to continue providing UI designers and programmers leading solutions that can be leveraged across industries. As the embedded market continues to grow, we will be working closely with our customers as they push the boundaries and provide ever better user experiences.”
Rightware® is the market leader in User Interface technology, serving mobile, automotive and other embedded industries with its patent pending Kanzi® solution for rapid 3D and 2D user interface design and deployment. Rightware also develops industry leading system performance analysis tools and its renowned product portfolio includes the Basemark® product family for various benchmarking purposes, including industry standard benchmarks for OpenGL ES, OpenVG, OpenCL, Android, Linux, and Windows Mobile performance measurement. Rightware is headquartered in Espoo, Finland and has offices in Saratoga, CA, Shanghai, Taipei and Munich. More information:
www.rightware.com www.facebook.com/Rightware www.linkedin.com/company/rightware
About Finnish Industry Investment
Finnish Industry Investment Ltd is a government-owned investment company. It invests in venture capital and private equity funds and directly in growth companies, always together with private investors. With investments and commitments amounting to € 720 million, Finnish Industry Investment is an investor – directly or through funds – in altogether 510 companies. For further information, please visit www.industryinvestment.com.
Inventure is a technology investor in early stage companies, actively supporting growth oriented entrepreneurs to internationalize Nordic success stories. Inventure’s entrepreneur driven team works actively with the portfolio companies and brings their knowledge and network’s support. Founded in 2005, Inventure manages funds with over EUR 53 million in total capital base. Examples of Inventure’s portfolio companies are e.g. Canatu, Thinglink, Conmio, Freespee, Beneq and Silex Microsystems. For further information, please visit www.inventure.fi.
About Nexit Ventures
Nexit Ventures is a venture capital firm focused on mobile and wireless innovation. Leveraging its extensive network in the global marketplace, Nexit invests primarily in Nordic and US-based early stage companies with products and services for global market. Nexit has offices in Helsinki, Stockholm and Silicon Valley and has realized several successful exits of its portfolio companies in the United States, the world’s leading M&A market for technology ventures. For further information, please visit www.nexitventures.com.
Rightware and Kanzi are trademarks or registered trademarks solely owned and controlled by Rightware Oy and are protected by applicable trademark law, and may not be used to any extent without the express prior written consent of Rightware Oy in each instance. Freescale and the Freescale logo are trademarks of Freescale Semiconductor, Inc., Reg. U.S. Pat. & Tm. Off. Other product and company names mentioned herein may be the trademarks of their respective owners.