OpenPeak Inc., a Boca Raton, Fla.-based provider multimedia touch-screen devices and device management platforms, announced that it has raised $52 million in new private equity and debt funding. Intel Capital came in as a new equity investor, while Horizon Technology Finance and Velocity Financial Group and GE Capital provided debt. The company previously raised over $30 million from firms like RRE Ventures and Castletop Capital.
OpenPeak Inc., a leading provider of multimedia touch-screen devices and device management platforms, announced today that the company has secured an additional $52 million of financing from existing investors and Intel Capital, Intel Corporation’s global investment organization. Debt financing from Horizon Technology Finance and Velocity Financial Group and a distribution finance and working capital line from GE Capital’s Commercial Distribution Finance unit complete the package. The combination of equity, debt and working capital will enable OpenPeak to expand its successful hardware, software, and services platform to capitalize on new opportunities in both consumer and enterprise markets.
“Our investors recognize the incredible potential for OpenPeak’s unique hardware, software and services platform to revolutionize business and consumer communications,” said Dan Gittleman, CEO of OpenPeak. “This funding will provide the resources necessary to expand both our products and our markets as we continue to evolve our technology and services to meet the growing demand for our touch-screen multimedia devices and device management platform.”
“New usage models and innovative mobile form factors are enhancing the way the world consumes content, and are a strategic focus for Intel Capital,” said Arvind Sodhani, president of Intel Capital and Intel executive vice president. “OpenPeak’s hardware, software and services harness the capabilities of the Intel Atom processor, creating new mobile, digital home and embedded products in a variety of vertical market segments.”
The company’s recently announced OpenTablet™ 7 is an ultra-sleek, portable, touch-screen device that combines high-quality telephony with advanced multimedia communications services and applications to deliver an engaging, interactive experience designed for in-home, office and hospitality use. With the addition of OpenPeak’s available energy management solution, the OpenTablet becomes a full-service home or office communications and energy system command center.
The OpenTablet 7 is based on the Intel® Atom™ processor-based platform (formerly “Moorestown”) which delivers outstanding performance at low power. The device features a high-resolution 7-inch multi-touch TFT LCD screen with LED backlighting, 802.11b/g/n Wi-Fi, Bluetooth 2.1 and cellular connectivity, HDMI output and dual cameras for capturing both high-definition video and still images, as well as built-in speakers and microphone.
In addition to its groundbreaking devices, OpenPeak’s complementary software framework enables designers and developers to create highly interactive applications. Integrated device management services allow providers to remotely provision, monitor and update customer devices on demand over broadband networks to ensure the delivery of the most up-to-date services and software.
A fully partitioned, white label application shop provides revenue sharing models and content availability controls, allowing service providers to deliver the most popular multimedia applications directly to a family of devices.
For more information about OpenPeak, visit www.openpeak.com.
OpenPeak designs and develops end-to-end managed platforms and devices that enable service providers, utilities, applications developers, and content owners to interact with customers in their homes, offices, and while traveling. OpenPeak’s engaging multimedia touch-screen devices can be used to provide application-driven services including energy management, telephony, digital media, Internet content, messaging and a wide range of information and entertainment apps. The company’s flexible interactive software framework and SDK leverage common programming protocols for ease in development and delivery of new applications. OpenPeak’s Device Management Services allow providers to provision and manage customer devices remotely, while a fully partitioned white label App Shop offers revenue sharing opportunities and individual content management controls. For more information, visit www.openpeak.com.
About Intel Capital
Intel Capital, Intel’s global investment organization, makes equity investments in innovative technology start-ups and companies worldwide. Intel Capital invests in a broad range of companies offering hardware, software, and services targeting enterprise, home, mobility, health, consumer Internet, semiconductor manufacturing and cleantech. Since 1991, Intel Capital has invested more than US$9.5 billion in over 1,050 companies in 47 countries. In that timeframe, 175 portfolio companies have gone public on various exchanges around the world and 241 were acquired or participated in a merger. In 2009, Intel Capital invested US$327 million in 107 investments with approximately 50 percent of funds invested outside the United States and Canada. For more information on Intel Capital and its differentiated advantages, visit www.intelcapital.com.
About GE Capital, Commercial Distribution Finance
GE Capital, Commercial Distribution Finance is a leading financing provider to manufacturers and their distributors. Programs include inventory financing, asset-based lending, private label financing, collateral management, e-commerce services and related financial products. Additional information can be found online at www.gecdf.com
About GE Capital
GE Capital offers consumers and businesses around the globe an array of financial products and services. For more information, visit www.gecapital.com or follow company news via Twitter (@GECapital). GE (NYSE: GE) is a diversified infrastructure, finance and media company taking on the world’s toughest challenges. From aircraft engines and power generation to financial services, health care solutions, and television programming, GE operates in more than 100 countries and employs about 300,000 people worldwide. For more information, visit www.ge.com.
About Velocity Financial Group
Velocity Financial Group, Inc. (Velocity) is a specialty finance company dedicated to helping entrepreneurs by providing less dilutive, more flexible forms of capital. With offices in Boston and Silicon Valley, Velocity has built a broad client base consisting of technology, life sciences and clean energy companies. Clients range from pre-revenue companies with dedicated entrepreneurs to late stage, proven businesses seeking more efficient growth capital. VFG is backed by a diverse group of global financial institutions. For more information, please visit www.velocityfg.com.
Horizon Technology Finance Management LLC is a privately-held independent venture debt finance company that provides senior and subordinated venture debt financing solutions to venture capital-backed technology and life science companies through its affiliated investment finance company Compass Horizon Funding Company LLC. The Horizon team has provided over $2 billion in financing to more than 750 venture capital-backed technology and life science companies over a span of 20 years. Horizon has offices in Farmington, CT and the San Francisco, CA area. For more information, please