We had many more interested investors than we could possibly accommodate
Chicago and Sydney, Australia (PRWEB) September 12, 2007
Open Kernel Labs (OK) announced today that it has raised US$2.15 million in first-round financing. Funded entirely on cash flow from customers since inception, OK selected Neo Technology Ventures, a venture capital firm based in Sydney, Australia, for its initial financing. OK, a global provider of operating systems and virtualization technology for embedded systems, will use the funds to rapidly expand local support services and distribution throughout North America, Europe and Asia.
OK's off-the-shelf open source OKL4 software has quickly become the most widely deployed virtualization solution for wireless devices. Today, it's utilized in millions of mobile devices worldwide. The company's fast growth reflects the growing importance of reliability and security in today's consumer devices. OK is working with semiconductor manufacturers and original device manufacturers to deliver highly optimized and extremely fast devices where minimal footprint and low cost is imperative. OK recently announced strategic partnerships to broaden the company's reach worldwide.
"We had many more interested investors than we could possibly accommodate," said Steve Subar, CEO and Co-founder of OK. "We chose Neo Technology Ventures because their cross-border business model mirrors ours and we are confident that their experience, knowledge and business relationships will contribute to the acceleration of our ongoing success."
The funding will be used to significantly grow the size and scope of OK's global operations, which is key to further expanding the deployment of OK's advanced microkernel software into new vertical markets. In conjunction with the financing, Marc Woodward of Neo Technology Ventures will join the OK Board of Directors.
"The embedded market is clamoring for robust, open source solutions. Open Kernel Labs software is already proven to be an integral core technology for secure, commercial, consumer and mobile devices. We look forward to being a part of the company's continued success," said Marc Woodward, General Partner, Neo Technology Ventures.
About Neo Technology Ventures
Based in Sydney, Australia, Neo Technology Ventures is an early stage venture capital fund specializing in the Internet, Media and Communications industries. For further information on Neo Technology Ventures visit http://www.ntfund.com or contact Marc Woodward, General Partner, Tel: +61 2 9409 6705.
About Open Kernel Labs
Open Kernel Labs' (OK) technology leadership in embedded operating systems and virtualization technology enables the development of reliable, trustworthy and affordable devices. The company recently announced that it has raised US$2.15 million in first-round financing. Backed by the largest, independent team of microkernel developers, OK's open-source microkernel operating system, OKL4, offers the highest proven performance combined with strong protection and security features in order to provide developers with a robust, open-source platform for building secure, differentiated embedded applications. For more information on OK and its products visit http://www.ok-labs.com. OK is a spin-out from NICTA, Australia's pre-eminent Center of Excellence for information and communications technology (ICT).