LONDON – Parallel programming tools startup Vector Fabrics BV has announced it has closed a Series B round of venture capital financing which should see it through to the end of 2013 and fund sales and marketing expansion.
Vector Fabrics (Eindhoven, The Netherlands) was founded in 2007 and its programming tools address parallelizing and scheduling threads on multicore embedded and mobile computer systems, including smartphones and tablet computers. Vector Fabrics is working with companies including ARM, Imagination and Nvidia amongst others.
The multimillion dollar Series B was led by Newion Investments Management BV (Nijehaske, The Netherlands) and supported by return investors TechnoStars and Point-One Starter Fund. The exact amount was not disclosed but it comes on top of about 1.3 million euro (about $1.8 million) raised up to and including the close of the Series A round.
Mike Beunder, CEO of Vector Fabrics, told EE Times the money would be used for sales and marketing expansion. The company appointed a U.S. account manager and opened an office in the June 2011 and has plans to add a business development manager and a field applications engineer. Further expansion is planned for the second half of 2012 in Asia, but whether that will be in Taiwan, China or Japan has yet to be determined, Beunder said.
"The combination of Vector Fabrics’ experienced management team with its excellent reputation in embedded engineering and the results of benchmark studies and pilot projects provide a solid foundation for market leadership," said Frank Claassen, investment director and partner at Newion, in a statement issued by Vector Fabrics.
Beunder said that while it was possible that the Series B could take Vector Fabrics through to breakeven it might be desirable to take more some more money at some point to fund further expansion.
Vector Fabrics is included in v12.5 of the Silicon 60, EE Times' living list of emerging technology startups (see the Silicon 60 career issue published in September).