BridgeCo, a provider of networked entertainment technology, has received a USD7.5m investment to support the rapid growth in connected home audio.
The financing was led by existing investor Earlybird Venture Capital and private investor Christian Wenger, along with a new private investor Brian Long (pictured), a general partner with private equity firm Atlantic Bridge.
A 2009 report, published by Eureca Research, projects the connected home audio market to grow by over 300 per cent in 2010.
BridgeCo’s financing will serve to accelerate the company’s technology development, support its growth and fund the expansion of the company’s customer base and global design partner programme.
“This funding helps us meet the growing needs of our Tier 1 customers and their markets,” says BridgeCo chief executive Gene Sheridan. “With the rapid market growth, we need to deliver cost-effective connectivity and a broader range of features for a variety of home audio products from A/V receivers, iPod docking stations, kitchen radios, to mini systems and home theatres.”
BridgeCo’s technology powers some of the biggest consumer electronics brands such as Denon, Pioneer, Nokia, Harman-Kardon and Philips.
Long will join the board of directors as chairman.
“We see BridgeCo in a strong leadership position, as well as a rapidly increasing demand for home CE product connectivity,” says Long. “This is an exciting market with tremendous opportunity, as all products are becoming connected. We look forward to working with BridgeCo and supporting their efforts to enable and lead this new market opportunity.”
