The pace of development in mobile TV is increasing rapidly, and stronger resources combined with experienced business advice is exactly what we need to bring our technology to international markets
Helsinki, Finland (PRWEB) February 6, 2008
Nexit Ventures, a mobile venture capital firm focused on wireless technologies and services, today announced an investment in Axel Technologies, a developer of mobile TV technologies.
The investment round was lead by Nexit and participated by the company's existing investor Finnish Industry Investment Ltd., a government-owned investment company. Previously, Axel Technologies also received R&D funding from several private investors and Tekes, the Finnish Funding Agency for Technology and Innovation.
The new investment will be used to strengthen Axel Technologies' organization to support faster growth and internationalization. The emphasis will be on developing sales, marketing and customer support. With the capital injection, Axel Technologies aims to significantly increase the number of employees by the end of the year.
"The pace of development in mobile TV is increasing rapidly, and stronger resources combined with experienced business advice is exactly what we need to bring our technology to international markets," said Petri Kalske, CEO, Axel Technologies. "We are excited to have the seasoned Nexit team on board, and we are looking forward to leveraging on their first-hand experience of success in the fast-paced mobile markets".
The first commercial digital mobile TV services based on DVB-H, the global standard for mobile TV and IP datacast, are scheduled to be launched in Europe during this year. The number of mobile phones supporting DVB-H is expected to increase rapidly: a total of 60 million DVB-H devices are estimated to be sold in 2010. Axel Technologies' mobile TV middleware solutions are based on years of experience on digital TV technology.
"The innovative technology developed by Axel Technologies helps bring Mobile TV in everyone's pocket," said Pekka Salonoja, General Partner, Nexit Ventures. "The company is already positioned among the top five developers of mobile TV middleware globally, with a track record of successful deployments at top-line customers including AMD and Thomson. The potential customer base includes mobile phone manufacturers, semiconductor suppliers and mobile operators globally".
In addition to mobile phones, mobile TV will be brought available to a range of devices supporting DVB-H, including media players, navigation devices and PDAs. DVB-H technology also allows the introduction of interactive elements in TV and radio programmes.
"The developers of mobile TV technology are competing for global market share now, and Axel Technologies aims to be among the top three," Pekka Salonoja continued. "We have strong confidence in the potential of the highly skilled development team at Axel Technologies. They have proved to be able to develop world-class technology in a highly interesting field, and are driven by strong will to succeed. We're more than happy to be working with them".
The current mobile TV services are based on two different technologies; 3G based services, which have already been available for some time through few mobile operators, and DVB-H-based services, which are now beginning to emerge. Axel Technologies' solutions enable mobile TV services based on both technologies. The company's flagship product, Salmonstream Mobile, enables the implementation of full digital mobile TV service based on DVB-H. In addition to comprehensive middleware products, the company develops user interface software that supports several digital television standards.
For further information, please contact:
Pekka Salonoja, General Partner, Nexit Ventures
Tel. +358 9 6818 910 or +358 40 836 9034
Email pekka.salonoja (at) nexitventures.com
Artturi Tarjanne, General Partner, Nexit Ventures
Tel. +358 9 6818 910 or +358 400 692 992
Email artturi.tarjanne (at) nexitventures.com
Petri Kalske, CEO, Axel Technologies
Tel. +358 400 638 880
Email petri.kalske (at) axel.fi
About Nexit Ventures
Nexit Ventures is a mobile venture capital firm focused on wireless technologies and services. Leveraging on extensive network in the global mobile marketplace, Nexit invests in Nordic and US-based early-stage companies with products and services for a global market. For Nordic mobile companies, Nexit provides a bridge to Silicon Valley markets and exit opportunities. For US-based mobile companies, Nexit brings Nordic market insight, customer access, and technology resources. Nexit has realized several successful exits of its portfolio companies in United States, the world's leading M&A market for technology ventures. Recently, Nexit has sold Bitfone to HP, Hybrid to nVidia, Mobile365 to Sybase, and Hantro to On2. Nexit has offices in Helsinki, Stockholm and Silicon Valley. For further information, please visit http://www.nexitventures.com.
About Axel Technologies
Axel Technologies is a Finnish software company focusing on mobile TV technologies. Axel is one of the leading DVB-H (Digital Video Broadcasting - Handheld) software solution providers. Axel offers Salmonstream mobile TV middleware with DVB-IPDC and OMA-BCAST support, and multi-standard All-In-One Salmonstream mobile TV user interface client. To learn more about Axel Technologies, go to http://www.axel.fi.
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