Macheen Inc. Closes $10 Million Series B Financing to Build on Its Product and Market Success to Date

AUSTIN, Texas, June 15, 2011 /PRNewswire/ -- Macheen Inc., a global cloud service provider for connected devices, today announced it has closed $10 million in Series B financing to build on its successful market entry earlier this year. The round was led by North Bridge Venture Capital, whose Partner, Basil Horangic, will join the company's Board of Directors.  

Macheen's existing investors also participated in this new round of financing.  Existing investors include DFJ Mercury, which led last year's Series A financing and is a partner in the DFJ Global Network of venture funds, with over $7 billion in capital under management.  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're delighted to have North Bridge as an investor and to have Basil join us as a board member.  Basil and his partners bring an invaluable set of experiences and relationships across the entire value chain, including device makers and mobile network operators."

Added Horangic, "North Bridge invests in game changers—and Macheen is no exception. The company has already established itself as a leading force in the connected device market with an international footprint and Dell's choice of Macheen to power its integrated mobile broadband service, Dell NetReady.  Richard has a clear and compelling vision for the company's future and he's gathered a deeply talented and experienced team to realize it."

About Macheen

Macheen Inc. enables connected device makers and retailers to deliver products that are "hot-out-of-the-box"—that is, shipped pre-connected to the Internet via mobile networks.  Macheen's multi-tenant, cloud-based platform supports new business models for device makers, retailers, cloud service providers and network operators alike. Macheen delivers breakthrough value by significantly increasing adoption rates and market penetration of connected devices and cloud services. Headquartered in Austin, Texas, Macheen is a global corporation with services active in multiple continents and with a wholly owned subsidiary in Germany (Macheen GmbH).  For more information go to www.macheen.com. 

About North Bridge Venture Partners

North Bridge Venture Partners is an active, bi-coastal, early-stage venture capital firm based in Boston, Massachusetts and San Mateo, California. Established in 1994, and with approximately $3.2 billion under management, North Bridge provides seed-to-growth financing and company-building expertise. North Bridge's sector focus includes Software, Communications & Infrastructure, Healthcare Technology, Digital Media, and Materials. For more information go to www.northbridge.com.

About DFJ Mercury

DFJ Mercury is a seed and startup venture capital firm. Headquartered in Houston, Texas, DFJ Mercury invests in compelling and novel information technology and science-based startup opportunities. DFJ Mercury works with portfolio companies to build globally competitive businesses, focusing on technology innovation in the U.S. Midcontinent.  DFJ Mercury is a partner in the DFJ Global Network of venture funds which encompasses over 140 venture capital professionals, throughout the USA, China, India, South Korea, Vietnam, Europe, Israel, Brazil, and Russia, with more than 600 portfolio companies funded and over $7 billion of capital under management. For more information, please visit www.dfjmercury.com.

SOURCE Macheen Inc.