Elliptic Technologies Secures $4 Million in Growth Capital to Bolster Market Reach
November 13, 2013 – Ottawa, Canada: Elliptic Technologies, a leading provider of security for the connected world, today announced the company has secured $4 million of additional funding from existing and new investors including BDC Venture Capital and Anges Quebec members.
Building on Elliptic's track record of delivering field-proven embedded security and content protection solutions, the company will deploy the new capital to support the company’s growth strategy, and fuel more extensive market opportunities through the continued development of its breakthrough tVault™ technology, and expansion of the sales and marketing teams and initiatives.
"We are delighted to have been early investors in Elliptic Technologies. Elliptic has built an impressive list of clients, and demonstrated consistent leadership and innovation in delivering security solutions which is why we believe they have what it takes to grow and move to the next level," said Ian Wyatt, Partner at BDC Venture Capital. “This investment fits naturally within BDC Venture Capital’s efforts to bolster the Canadian venture ecosystem, by enabling the best companies to achieve scale. We wish Elliptic ongoing success in their expansion efforts.”
“With the number of connected smart devices predicted to reach 50 billion by 2020, creating countless possibilities to access and use content, we recognize a critical need for embedded security in these devices,” said Vijay Dube, President & CEO of Elliptic Technologies. “I consider the support of our existing and new investors to be a strong testimonial of their confidence in Elliptic’s products and expertise to compete and succeed in this marketplace.”
“Elliptic is an innovative business that has the potential to be a security game-changer for today’s connected devices,” said Jean-Francois Grenon, Anges Quebec member and lead angel for this investment. “We are pleased to support this funding to boost their long term goals, technical capabilities and ability to gain traction in new markets – they are well poised for success.”
Elliptic has recently added three new board members, and is in the process of expanding their marketing, sales and technical support teams to strengthen the company’s international presence, drive faster time to market, increase brand awareness and market share.
About BDC Venture Capital
With more than $1 billion under management and more than 25 years of industry experience, BDC Venture Capital is an investor of choice focusing on IT, health and energy/cleantech companies, as well as venture funds, with high growth potential. From seed through expansion to exit, their mandate is to help build outstanding Canadian companies, while working to create a sound financial ecosystem for Canadian technology ventures. Find out more at www.bdc.ca/vc or on Twitter @BDC_VC.
About Jean-François Grenon
Jean-François has over 33 years of experience in the technology sector in the United States, Europe and Canada. He has designed and launched various innovative technical products and services on the global market, created several SMEs and completed numerous mergers and acquisitions. While at the head of Innova Corporation in 1997, he launched an initial public offering (NASDAQ) and merged it with Digital Microwave Corporation in 1998, creating the world’s top supplier of cell phone radio links. Jean-François has a degree in electrical engineering from the École Polytechnique and has an MBA from the Harvard Business School.
About Anges Quebec
Anges Québec is a network of 130 private investors that identifies, finances and coaches innovative Quebec enterprises with high growth potential. In this capacity, Anges Québec works closely with a number of key Québec organizations interested in the development and growth of technological innovations. So far, Anges Québec members have invested and reinvested in 33 promising businesses in the seed and startup phases. www.angesquebec.com
About Elliptic Technologies
Elliptic Technologies is a leading provider of embedded security hardware cores and software to chipset vendors, device manufacturers, service and content providers. Elliptic’s highly integrated solutions enable the most efficient silicon design and highest levels of security for some of the world’s most popular products in markets such as mobile, networking, home entertainment, smart grid and automotive. Elliptic is leading the world in DRM and link protection solutions with flagship technology tVault® for downloading and sharing premium content between multiple devices, including Microsoft® PlayReady®, DTCP-IP and HDCP SDKs built for “trusted execution environments” used in consumer electronics. Learn more at www.elliptictech.com.
For More Information
Elliptic Technologies Inc.
Andrea Campbell, Corporate Marketing
1 613 254-5456 x310
Manager, Public Relations
BDC Venture Capital