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Bycast Media Systems Canada Inc. Secures $2.9 Million Financing
Vancouver, Canada August 24, 2001
Bycast Media Systems Canada Inc. is pleased to announce that it has completed a staged equity financing of $2.9 million led by BDC Venture Capital with Working Opportunity Fund and Access Fund, both managed by GrowthWorks, Fractal Capital Corp., Kevin Huscroft founder and CTO PMC-Sierra, Colin Harris VP PMC-Sierra and William Tatham founder and former CEO of Janna Systems.
"Completing an equity financing in the current market conditions is strong support for the strength of the Bycast team and its technology," said Dr. Kermani, President and CEO of Bycast. "The proceeds will be used to further develop its streaming media platform technology and the market opportunity."
About BDC Venture Capital
BDC Venture Capital is a major venture capital investor in Canada, active at every stage of the company's development cycle, from start-up through expansion, with a focus on technology-based businesses that have high growth potential and that are positioned to become dominant players in their markets. BDC Venture Capital has been involved in venture capital since 1975 and has to date invested in more than 270 companies. It currently manages over $400 million in venture capital assets and more than 80% of its portfolio is invested in the areas of telecommunications, enterprise software, Internet technologies, electronics, and biotechnology.
About Growthworks
Investments by the Working Opportunity Fund and the Access Fund are managed by GrowthWorks, a private debt and equity investor with a combined $500 million in assets under management. GrowthWorks has investments in 55 companies in emerging sectors: technology - 40%; life sciences - 25%, advanced manufacturing - 21%; film & entertainment 5%; tourism-related - 2%; environmental - 3.5%, other 3.5%.
About Fractal Capital Corp.
Fractal Capital Corp. is an angel and seed stage venture investment company managed by Haig Farris. Mr. Farris was co-founder and a former partner of Ventures West Management Group.
About Bycast Media Systems Canada Inc.
Bycast develops software that enables the fault tolerant storage and bandwidth efficient distribution of diagnostic imaging exams for the healthcare enterprise, including geographically distributed organizations with limited bandwidth connectivity.
Bycast's products are based on Bycast StorageGRID Architecture™, specifically designed to overcome the scalability, reliability, manageability and security (consistent with Canadian and US government privacy guidelines, including HIPAA) challenges encountered in the storage and distribution of large volumes of bandwidth intensive imaging data over IP networks, including the Internet.
Bycast's products enable the creation of enterprise wide computing grids that interface with existing clinical information systems and make the capture, archive, retrieval and transmission of diagnostic imaging exams easier, faster, more reliable and more cost effective than traditional solutions that rely on monolithic servers and expensive storage subsystems.
- For further information please contact
- Bycast Inc. (604) 801-5300
- corporate@bycast.com
