Edgeware nets $8 million in second round financing

Funding

Swedish firm Edgeware, a provider of flash memory based servers for the network-based delivery of TV and video services, has closed a $8 million second round of funding led by a new investor, Micron Technology, with full participation from the company’s first round investors, Amadeus Capital Partners and Creandum Advisor.

The funds will be used to expand Edgeware’s marketing operations. Edgeware provides server systems and associated technology for TV services over the Web, and for TV on-demand services over telecomms and cable networks. The company was founded in 2004 to merge delivery of on-demand TV and video services into the service provider network, using dedicated network appliances.

“We were attracted by Edgeware’s novel use of NAND flash memory as the sole storage in their demanding carrier applications, completely eliminating the use of rotating media,” said Ian Blasch, managing director of Micron Ventures, the venture arm of Micron Technology. “Rather than simply using off-the-shelf solid state disks [...] they have developed a unique architecture around flash memory and that gives them a number of compelling advantages - performance being one of them.”

“With this capital injection we are well positioned to actively expand our business, when many of our competitors are downsizing,” says Joachim Roos, CEO of Edgeware. “Our customers continue to invest in infrastructure for home entertainment. The fact that we manage to secure funding like this under current conditions in the financial sector sends a strong message.”