Axel Technologies Gets Venture Funding
Nexit Ventures, a venture capital firm stating to offer Nordic mobile companies a bridge to Silicon Valley markets, has announced an investment in Axel Technologies, a Finnish developer of mobile TV technologies. Other investor in the funding round led by Nexit is the company’s existing investor, a government-owned investment company Finnish Industry Investment Ltd. According to ITviikko the round was worth over one million euros.
Axel Technologies will use the financing to growth and internationalization, focus being on developing sales, marketing, and customer support.
The company provides mobile TV middleware and client solutions, and is targeting to get on the wave of first commercial digital mobile DVB-H standard TV services expected to be launched in Europe during 2008. So far there have been only 3G-based services available.
According to Pekka Salonoja, General Partner, Nexit Ventures, Axel Technologies is already one of top five developers of mobile TV middleware globally, customers including AMD and Thomson. Potential clients for the firm are mobile phone manufacturers, semiconductor suppliers, and mobile operators.
Nexit Ventures' press release.
[...] from Nexit Ventures and Finnish Industry Investment Ltd. The investors are the same as in the first round approx a year ago. The funding will be used to strengthen Axel’s sales and marketing operations [...]