Eye-Fi Raises $11 Million

Eye-Fi Inc., a Mountain View, Calif.-based maker of wireless memory cards for digital cameras, has raised $11 million in Series B funding. TransLink Capital led the round, and was joined by LMS Capital and return backers Opus Capital and Shasta Ventures.



Eye-Fi Inc. (www.eye.fi), makers of the world's first wireless memory card for digital cameras, today announced it has secured Series B funding of $11 million. The round was led by TransLink Capital, with new funding from LMS Capital and participation from existing investors Opus Capital and Shasta Ventures. TransLink Capital's co-founder and managing director, Toshi Otani, will join the Eye-Fi board.

Eye-Fi will use the investment to fund further development of its portfolio, expand distribution into new markets, and scale its organization and market development activities to support its fast-growing business.

“This investment gives Eye-Fi the long-term resources to establish this new category of products and services that help consumers manage and share their digital memories,” said Jef Holove, CEO of Eye-Fi. “The combination of our current and new investors gives the company far-reaching capabilities to extend our efforts in the US and abroad, establishing new industry partnerships and accelerating our market development activities.”

Eye-Fi was founded in the summer of 2005 and launched its first product, the Eye-Fi Card, in October 2007. Since launch, the company has expanded its product portfolio and introduced new services; formed partnerships with Nikon, Lexar and more than 20 online photo destinations; and expanded its online and brick-and-mortar retail distribution to include national channels, such as Circuit City.

“Eye-Fi is changing the game for consumers and the photography services industry by making it simple for consumers to share and store their digital memories,” said Otani of TransLink. “We see a big growth opportunity for Eye-Fi to expand into new markets like Europe and Asia where digital photography is already an established practice.”

TransLink Capital is a U.S.-based venture capital firm focused on investments in early-to expansion-stage technology start-up companies. It specializes in investing on behalf of industry leaders in the early adopter markets of Asia. LMS Capital PLC is an independent investment company whose shares are traded on the AIM market of the London Stock Exchange. Its investment portfolio is valued at more than $400 million and comprises investments in both the U.S. and U.K., with a spread of early-stage investments, development capital and mature company buy-outs. Opus Capital, a leading venture capital firm based in Menlo Park, Calif., invests in early stage technology companies. Shasta Ventures, also based in Menlo Park, has developed an expertise working with companies that have invented internet-connected devices.

Eye-Fi has received numerous product awards, including being named one of PC World's “100 Best Products of 2008,” and was recently honored in the AlwaysOn Global 250 Top Private Company List for companies that are demonstrating significant market traction and pursuing game-changing technology in a specific sector. For more information, please visit www.eye.fi.

About Eye-Fi
Founded in 2005, the company is dedicated to building products and services that help consumers navigate, nurture and share their visual memories. Eye-Fi's patent-pending technology works with Wi-Fi networks to automatically send photos from a digital camera to online, in-home and retail destinations. Headquartered in Mountain View, Calif., the company's investors include TransLink Capital, LMS Capital, Opus Capital and Shasta Ventures. More information is available at www.eye.fi.