Source: Business Wire
Tuesday, March 17, 2009 05:24 PM IST (11:54 AM GMT)
Editors: General: Consumer interest, Economy, Entertainment; Business: Advertising, PR & marketing, Banking & financial services, Business services, Electronic appliances & components, Information technology; Technology
Release no: 19474
(BW)(CA-BRIDGECO)BridgeCo Announces Expansion to Meet Global Demand
Huntington Beach, California, United States, Tuesday, March 17, 2009 -- (Business Wire India) --
BridgeCo (www.bridgeco.com), a leader in networked entertainment technology, announced the opening of a new research and development center in Bangalore, India. The company plans to invest $2 million of its recent $6 million in new financing at the R&D center over the next two years. This investment will support the company's fast growing list of top consumer electronic brands that are adopting BridgeCo technology in the high-growth Internet radio market.
The Bangalore center, which will be operational next month, will be initially staffed with 20 software engineers all experienced in networking or digital media processing. "We are building a world-class team to serve BridgeCo's impressive list of top global brands," said RamPrasad Moudgalya, Managing Director of the new R&D center. "I am very pleased to join a leader like BridgeCo as they define the future in digital music and in radio," said Mr. Moudgalya. The India facility complements the company's existing worldwide network of licensed software development partners which together provide a pool of over 120 trained engineers to support BridgeCo customers globally.
Despite the global recession and contraction in many markets, Internet radio continues to experience strong growth. According to the most recent research by AccuStream iMedia Research, online radio usage jumped by 37.6% in 2008 to 6.67 billion hours. According to Arbitron there are over 80 million listeners of Internet radio in the U.S. alone. Many major Consumer Electronic brands have announced home audio products that connect to the Internet using BridgeCo technology, including Denon, Pioneer, Harman-Kardon, Philips, Thomson, Sonance, Grundig and Terratec.
BridgeCo is the leader in networked home audio technology with the industry's only Linux-based SDK combined with an application-specific networked media processor. This JukeBlox technology enables streaming of all popular digital music formats and streaming protocols over WiFi, wired Ethernet, USB and iPod connections. The technology allows the consumer to access their own stored music selections on the network as well as listening to thousands of Internet radio stations and popular music applications directly from the Internet.
BridgeCo is an ISO9001 certified company with operations in Huntington Beach, California, Bangalore, India, Zurich, Switzerland and sales offices around the world. Its key investors include Advent Venture Partners, Balderton Capital (formerly Benchmark Capital Europe), Cipio Partners, ETV Capital, Fidelity Ventures, Intel Capital and Wellington Partners.
Gene Sheridan, 310-918-0987
CONSUMER, ECONOMY, ENTERTAINMENT, MARKETING, BANKING, BUSINESS SERVICES, ELECTRONICS, IT, TECHNOLOGY
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