Embedded platform company receives $7 million boost

Peter Clarke
(05/05/2004 1:38 PM EDT)

  READING, England -- Cross Atlantic Capital Partners has led a finance round that has raised more than US$7 million for Tao Group Ltd., maker of the Intent multimedia platform for mobile and other digital devices, Tao said Wednesday (May 5).

The funding brings the total invested in Tao to more than US$45 million since the company was founded in 1992. Tao includes electronic systems companies Sony, Mitsubishi, NEC, Motorola and Sharp among its investors.

Tao worked on virtual machine technology, and embraced the Java virtual machine in the 1990s. The latest additional funding coincides with recent license wins with OEMs, ODMs [Original Design Manufacturers] and MNOs [Mobile Network Operators], the company said. It was Cross Atlantic's second investment in Tao.

"Intent is now a matured technology allowing the company to focus more strongly on securing globally-significant design wins. With the additional funding led by Cross Atlantic we will be able to pursue a much more aggressive go-to-market program in Europe, Asia and North America," said Francis Charig, Tao Group chairman, in a statement.