Chipmaker Stretch Receives $10 Million InvestmentAuthor: John Honovich, Published on Nov 10, 2009
Stretch Inc, a manufacturers specializing in more flexible and powerful chipsets for the video surveillance market, announced a $10 Million USD investment. This follows a $15 Million round in 2009 and an additional $15 Million round in March 2008. Total funding to date is $126 Million.
In conjunction with the announcement, Stretch noted strong financial growth with revenue increasing 400% between Q2 09 and Q3 09. Stretch targets an additional 300% increase between Q3 09 and Q4 09. Stretch credits this to a number of major OEM customers launching new products using their chipsets. Stretch did not disclose specific revenue numbers so it's not possible to know how significant this is from a market share perspective.
Stretch sees the funding and growth as validation of their viability in a market segment where many new entrants have failed or exited in the last 3 years.
Stretch competes against market leader Texas Instruments.
The overall funding ($126 Million) is quite high for the video surveillance market. Over the long term, it would not be feasible for Stretch to meet investor's expectations in video surveillance alone. Stretch noted that they are focusing on video surveillance as their core initial market but plan to expand to other markets in the future.
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