TORONTO -- TrueSpectra, the leader in network imaging for e-commerce, has completed a $5.4
million round of financing with new and current investors. New investors include
MM Venture Partners, backed by US partner GATX Capital Corporation of San Francisco,
and CedarPoint Investments. Current investors include Royal Bank Capital Corporation
(RBCC), Triax Growth Fund managed by Altamira, Business Development Bank of Canada,
Lawrence & Company, CastleHill Ventures, and Dawlish Capital. The funds will be
used to drive sales and marketing efforts in the hypergrowth e-commerce world.
MM Venture Partners was the largest investor in this current round making a $3.0MM
investment by way of venture debt with warrants. "We are excited to be an investor
in TrueSpectra. Its first to market technology offers e-commerce companies a robust
and elegant way of handling images and delivering them to their e-customers. Its
rapidly growing list of customers and strategic relationships with companies such
as US Web/CKS, Razorfish, Sears Canada, Informix, Oracle, and Sun Microsystems
Inc. prove it has the wherewithal to lead the US market in this segment of the
red hot internet infrastructure space." said Ron Patterson, partner of MM Venture
Partners.
TrueSpectra is addressing the missing link for e-commerce to succeed - that people
do not buy sight unseen. Today, on-line retailers are limited by the high cost
of the manual process of creating web images and as such only display a small
percentage of their entire product offering with limited detail for customers
to make purchasing decisions. In addition, retailers cannot visually mix and match
products to provide better-merchandised product ideas. TrueSpectra's Iris Image
Servers automate today's manual process of preparing images for the Web, resulting
in increased retail sales, lower costs, improved performance and reduced time
to market for e-retailers.
"MM Venture Partner's $3.0MM investment of venture debt with warrants suited the
needs of TrueSpectra extremely well. It enabled us meet our funding benchmarks
while minimizing dilution. MM Venture Partners has already been able to add value
post financing by introducing us to certain key strategic relations for our upcoming
round of financing" said Steve Parker, vice president corporate development &
finance.
About TrueSpectra
TrueSpectra Inc., the leader in "networked imaging" for e-commerce, has created
the industry's first integrated imaging platform. TrueSpectra's family of image
servers includes Iris Accelerate as "the best way to publish images to the Web"
and Iris Transactive as "the only way to personalize high quality images for the
Web." TrueSpectra's early channel adopters include USWeb/CKS, Razorfish, Organic
On-Line, Scient and WebFeat. Their retail customers using Iris image servers include
Sears Canada, Gloss.com, NextMonet and La Senza. TrueSpectra has also partnered
with industry leaders including Sun Microsystems Inc. (NASDAQ: SUNW), Informix
(NASDAQ: IFMX) and Oracle Corporation (NASDAQ: ORCL) to integrate TrueSpectra's
imaging technology into their solutions for e-commerce and data management. Additional
information about TrueSpectra's products and services can be found at
http://www.truespectra.com
The TrueSpectra logo and name are trademarks or registered trademarks of TrueSpectra
Inc. All other product names mentioned herein are the trademarks or registered
trademarks of their respective holders.
For more information:
Steve Parker
TrueSpectra Inc.
(416) 224-0076 ext. 8230
stevep@truespectra.com
Ron Patterson
MM Venture Partners
416-977-9718
rpatterson@mmvp.com