Company to Apply Funds to Expand Supply Chain, Support New OEM Customers and Continue Development of Breakthrough Pen and Touch Technologies
Kfar Saba, Israel and Austin, TX – February 20th, 2008- N-trig, the provider of DuoSense® technology combining pen and zero-pressure touch for mobile computers into a single device, announced today that they have completed a fund-raising round of $28 million from Canaan Partners, Evergreen Venture Partners and current investors.
In addition to the investment round, N-trig has recently secured a credit facility of $5 million from Plenus, a leading Venture Lending Fund in Israel.
N-trig’s technology is now being deployed by Dell Computer, with its recent launch of its Latitude XT Tablet PC. Other major brands are expected to announce new products, which raises the bar on the next generation of notebook PCs and other mobile devices currently in development.
“We are very excited to become an investor at N-trig" stated Izhar Shay,” Venture Partner with Canaan Partners. “We believe that the company's innovative pen and touch technologies position it as a market leader in this fast growing space, and we are happy to see the traction that N-trig is gaining with major computer brands.”
N-trig is the creator of the only pen and touch/multitouch solution for today’s computing world. N-trig provides a true hands-on computingTM experience, providing leading OEM brands with new product platforms that help innovate, differentiate, and deliver new user experiences.
“The computing user interface is on the verge of a major shift: after using a mouse and a keyboard for many years, the market is seeking an enhanced user experience,” said Boaz Dinte, Managing Partner at Evergreen Venture Partners. “We believe that N-trig’s DuoSense will lead this revolution, positioning it as the premier technology in both tablet PCs and mobile devices.”
“We at N-trig are pleased to add two leading VC funds such as Canaan and Evergreen to the N-trig family,” said Amihai Ben-David, CEO of N-trig. “Our global expansion, working with supply chain partners in Asia, and developing new, breakthrough mobile computing platforms will enable us to create and penetrate new markets. Our vision is to leverage our ground breaking technology and introduce new products that are pen and touch input enabled. Imagine the new opportunities for our ODM/OEM partners producing hand-helds, notebooks, gaming devices, and large format platforms all based on N-trig hands-onTM technology.”
N-trig is the provider of DuoSense® digitizer technology combining pen and zero-pressure touch for mobile computers into a single device. N-trig enables OEMs and ODMs to provide innovative new technology for the next generation of mobility by making notebook PCs more mobile, productive, user-friendly, natural, and intuitive to use. DuoSense is easily integratable and supports any type of LCD, giving OEMs and ODMs more flexibility. Founded in 1999,
N-trig’s manufacturing capabilities are in place for volume production with certified suppliers and quality control standards to meet the needs of its customers. In addition, DuoSense drives a new level of mobile productivity and is enabling new market opportunities in gaming and multimedia. As a technology leader in the exploding market for touch enabled devices, N-trig is backed by prominent international investors and has a highly experienced management team with a proven track record. N-trig maintains its global headquarters in Kfar Saba, Israel and has a regional presence with offices in Austin, TX and Taipei, Taiwan. For more information, please visit www.n-trig.com.
About Canaan Partners
Canaan Partners invests in visionary entrepreneurs and provides them the networks, insights and operational guidance required to build high-performance technology and healthcare companies. For over 20 years, Canaan has taken an active and committed role in the companies in which it invests, and has seen it portfolio companies complete about 70 mergers and acquisitions and 53 IPOs. With $3 billion under management and a worldwide footprint, the firm's technology team is committed to catalyzing the growth of innovative companies in the digital media, communications & mobility, enterprise and clean tech industries. Among its successes are DoubleClick, the leading online advertising solution, Match.com, the most popular online dating site in the world, CommerceOne, the company that pioneered B2B ecommerce; Capstone Turbine, first to market and world's leading producer of commercially viable microturbine energy products; and VOIP equipment supplier Acme Packet, which was one of the top ten performing tech IPOs of 2006. Canaan has offices in California, Connecticut, India and Israel. For more information visit: www.canaan.com.
Evergreen Venture Partners was established in 1987 as one of Israel’s first venture capital firms. Evergreen invests in early-stage Israeli and Israel-related companies in the following fields: software, Internet & media, communications and healthcare. Evergreen’s $650 million of venture capital funds under management represents one of the largest portfolios in Israel with investments in 110 technology start-ups. Evergreen has exited successfully 35 portfolio companies through IPOs and acquisitions. Some of these companies include Traiana, Colbar, Identify, BigBand, P-Cube, Actona, Backweb, Exalink, Radvision and Radware. The current portfolio includes some very promising companies such as: e-Glue, Amimon, Press-sense, Varonis, Transpharma, Flash Networks, Exanet and more. Evergreen is currently investing from its fifth generation fund, Evergreen V, a $200M fund, which was recently closed. For more information, please visit www.evergreen.co.il