Macheen Inc., a service provider for connected devices, has closed an additional $10 million in financing to build on its leadership position as an enabler of flexible cloud-based connectivity solutions. Philippe Vallée, representing GemVentures, will join Macheen’s Board of Directors as the company continues its drive to deliver greater choice for end-users and new monetization opportunities for device manufacturers, value-added resellers, network operators, and content and cloud service providers.
Macheen’s existing investors also participated in this new financing. Existing investors include North Bridge Venture Capital, which led last year’s Series B financing; and DFJ Mercury (a partner in the DFJ Global Network of venture funds, with over $7 billion in capital under management), which led Macheen’s Series A financing in 2010. Also among Macheen’s investment group are prominent angels and industry figures Tom Meredith, Mike Maples Sr. and Yechiam Yemini.
Richard Schwartz, Macheen’s President and CEO, commented, “We are thrilled to welcome GemVentures as an investor and Philippe Vallée as a board member. Philippe’s vast knowledge, experience, and relationships will be invaluable to Macheen as we continue to expand our cloud-based connectivity services platform.”
Philippe Vallée added, “Macheen is exemplary of the kind of company in which GemVentures tends to invest: at the forefront of an exciting new opportunity, management with a track record of success, and early momentum that underscores and validates its approach. Richard and his team are building the future connectivity model for devices and we are happy to support innovation in the mobile industry.”