“Partnering with ATI was crucial to Smooth-Stone establishing the foundation we needed from the very start to be set up to take this company to market over the long haul, and to secure this significant funding today," said Smooth-Stone CEO Barry Evans.
Austin, TX (PRWEB) August 16, 2010
The Austin Technology Incubator (ATI), a not-for-profit arm of The University of Texas at Austin, congratulates member company Smooth-Stone on its $48 million investment round, announced today, from Battery Ventures, Flybridge Capital Partners, Highland Capital Partners, ARM, Advance Technology Investment Company (ATIC) and Texas Instruments. ATI also announces Smooth-Stone’s graduation from ATI membership.
Power consumption matters more than ever. Smooth-Stone will bring the low-power virtues of mobile phone technology to servers and data centers. Its semiconductors and software will provide a solution for companies where energy consumption by servers has become a constraining and expensive issue by increasing the density of computer resources while significantly conserving energy, cooling and space in the data center.
“Our goal is to completely remove power consumption as an issue for the data center. Imagine that change for companies with a large presence on the Internet," said Smooth-Stone CEO Barry Evans. “We want to make sure space and power are not constraining these companies potentials.”
Smooth-Stone joined ATI in mid 2008 as essentially a one-man operation. “When we began working with Barry, it was evident that he and Smooth-Stone had tremendous potential,” said Bart Bohn, ATI’s IT Incubator Director. “This funding announcement is strong validation that Smooth-Stone has developed something truly disruptive and compelling. It has been our privilege to support Barry as he built the team, and they in turn built a world-class startup.”
Smooth-Stone received support from ATI in numerous ways – strategic advice, pitch development, go-to-market analyses, connections to advisors and mentors, access to industry and investor events, and of course turnkey office space. “Partnering with ATI was crucial to Smooth-Stone establishing the foundation we needed from the very start to be set up to take this company to market over the long haul, and to secure this significant funding today," added Evans. “In particular, ATI was invaluable in guiding us through the process to secure our critical $1 million seed funding from the Texas Emerging Technology Fund, which truly provided the runway and confidence to begin implementing our bold vision.”
In conjunction with the funding announcement, ATI is also announcing Smooth-Stone’s graduation from the program. “With an industry leading team, top-tier investment syndicate, strong product progress and rapidly deepening customer engagement, Smooth-Stone is poised for a rocket ship ride,” added Bohn. “The mix between strategic and VC investors will serve them well as Smooth-Stone makes its aggressive play for the low power server market. Our ATI community is thrilled to indoctrinate another successful alumnus."
About the Austin Technology Incubator
The Austin Technology Incubator is a nonprofit unit of The University of Texas at Austin that harnesses business, government and academic resources to provide strategic counsel, operational guidance and infrastructure support to its member companies to help them transition from early stage ventures to successful technology businesses. Since its founding in 1989, ATI has worked with over 200 companies, helping them raise close to $750 million in investor capital. ATI is a key program of the IC2 Institute at The University of Texas at Austin. For more information, visit http://www.ati.utexas.edu.
Founded in January 2008, Smooth-Stone brings unseen performance density to the data center on a very attractive power foot print by leveraging ultra-low power processors as used on mobile phones, as a foundation for its revolutionary technology. Smooth-Stone will make it possible for data center managers to increase the density of their computer resources while significantly reduce need for power, space and cooling. At the same time, Smooth-Stone technology will contribute to the reduction of the CO2 footprint of the data center in a significant way. More about Smooth-Stone can be found at http://www.smooth-stone.com.