MidStream Technologies Secures $16 Million in Second Round of Financing
MidStream Technologies (www.midstream.com), a developer of multi-format streaming media appliances, announced it has secured additional equity financing worth $14.5 million from Polaris Venture Partners, ARCH Venture Partners, Cascadia Capital, Fluke Ventures, Xilinx, Inc. and Imperial Bank as part of its Series B financing round.
Of these investors, Polaris Venture Partners, ARCH Venture Partners and Cascadia Capital also participated in MidStream's first round of funding in May 2000.
With this same round of funding, MidStream also received a $1.5 millionline of credit from Imperial Bank for a total equity/debt financing round of $16 million.
MidStream's flagship product is its streaming server, which it states will be able to greatly exceed the number of concurrent streams that current solutions offer. The server is not yet commercially available.
The company states that the capital secured from this latest round offinancing will be used for further development of the company's flagship product as well as to continue to build corporate infrastructure. Some funds will also be appropriated for additional intellectual property protection, increasing staff and other working capital expenditures.
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