Open Kernel Labs, a Chicago-based provider of embedded virtualization software for mobile phones and broadband internet devices, has raised $7.6 million in new VC funding. Chrysalis Ventures led the round, and was joined by Citrix Systems and return backer Neo Technology Ventures.
Chrysalis Ventures, a leading source of equity capital for young growth companies in the Midwest and South, today announced that it has led a $7.6 million investment in Chicago-based Open Kernel Labs (OK Labs), the leading provider of embedded virtualization software for mobile phones and broadband internet devices. Existing investor Neo Technology Ventures, an Australian venture firm specializing in early and expansion stage investments in the internet, digital media, communications, and clean technology sectors, and strategic investor Citrix® Systems, Inc., the global leader in application delivery infrastructure, also participated in this financing. OK Labs will use this investment to fund global expansion of its research and development and business channels, establishing further regional support throughout Asia, Europe, and the Americas.
OK Labs is the leading supplier of open source embedded hypervisor and virtualization technology to developers of embedded designs for mobile handsets and other consumer electronic applications. Backed by the largest, independent team of microkernel developers, OK Labs delivers OKL4, a market-leading embedded hypervisor, which offers the highest performance combined with strong protection and security features. To date, OKL4 has been deployed in 250 million handsets and other mobile/embedded devices worldwide.
“As handset OEMs and semiconductor suppliers create the next generation of faster and more capable wireless devices, virtualization will play an increasingly critical role in addressing the key challenges of bill of materials (BOM) cost and meeting security and reliability requirements,” commented Steve Subar, OK Labs CEO. “With this investment, OK Labs is positioned to amplify our unique position as the only embedded virtualization solution shipping on handsets today, becoming a key supplier to the supply chain driving the wireless ecosystem.”
According to John Willmoth, Venture Partner at Chrysalis Ventures and former senior executive at Sprint Nextel, “The opportunity for embedded virtualization is clear – over one billion mobile handsets and hundreds of millions of other connected intelligent devices are sold annually. Recently, we have seen greater emphasis on the operating system and software aspects of mobile devices, as evidenced by the increase in the number and diversity of smartphone devices and applications. OK Labs has proven technology that enables device manufacturers to manage this complexity in a more timely, secure and cost effective manner, and is a great fit for the Chrysalis portfolio of media and communications investments.”
Mr. Willmoth will serve on the company’s board of directors.
About Chrysalis Ventures
Founded in 1993, Chrysalis Ventures is the premier venture capital firm in Mid-America, managing one of the region’s largest funds for early-stage and growth investments. Chrysalis invests primarily in early-stage and expansion-stage companies in healthcare services and technology, media and communications, and emerging trends and technologies. Based in Louisville, Kentucky, Chrysalis has approximately $400 million under management and has made investments in over 55 companies. For more information, please visit www.chrysalisventures.com.
Open Kernel Labs
Open Kernel Labs (OK Labs) is the leading supplier of open source embedded hypervisor and virtualization technology to developers of embedded designs for mobile handsets and other consumer electronics applications. Backed by the largest, independent team of microkernel developers, OK Labs delivers OKL4, an embedded hypervisor, which offers the highest performance combined with strong protection and security features. OKL4 provides developers with a robust, open source platform for building secure, differentiated embedded applications. For more information about OK Labs and its products, visit www.ok-labs.com. OK Labs is a spin-out from NICTA, Australia’s preeminent Center of Excellence for information and communications technology, http://nicta.com.au/.
For information on the OK Community, please visit the Community Portal at http://www.ok-labs.com/community/community-portal. Participants can join the Developer’s Mailing List at http://www.ok-labs.com/community/mailing-list-signup.