STOCKHOLM, Sweden, Aug. 16, 2006 (PRIMEZONE) -- Colochrome Ltd, a Finnish manufacturer of high quality PINTA(TM) protective lenses for mobile handsets and hand-held electronic devices, today announced the successful conclusion of a Series A financing round with leading Nordic Venture Capital funds Eqvitec Technology Fund III and Creandum. The arrangement also includes debt financing from the OP Bank Group. The new funding will be used to ramp up manufacturing capacity and to bring Colochrome's line of PINTA(TM) products to the rapidly growing market of protective windows.
PINTA(TM) products will set a new standard for the protective windows used in hand-held electronic devices. These products offer significantly improved optical and mechanical product quality, cost efficiency, and extremely flexible patent-protected manufacturing processes. Moreover, product lead times can be cut down from the traditional several weeks or even months to a few days.
"Increased usage of larger color displays and advanced multimedia services in mobile handsets have intensified the demand for better protective windows. The quality of current windows is unsatisfactory as they scratch easily, the optical quality is poor and the manufacturing processes are cumbersome. We offer an innovative and proven solution to this surprisingly common problem and with this financing arrangement we can industrialize and commercialize our innovations for the needs of the global markets. Our plan is to commence manufacturing in early 2007," states Ismo Rautiainen, the CEO of Colochrome Ltd.
"The market of protective lenses in mobile telecom handsets alone is estimated to grow to 2.5 billion units by 2010. Colochrome addresses this significant market need with a very promising new solution. Colochrome also shows that it is still possible to develop telecom manufacturing business from Scandinavia with new innovations and a global mindset from the start," says Jussi Hattula, Investment Director for Eqvitec Partners, advisor for Eqvitec Technology Fund III.
"In addition to the rapidly growing market we are impressed by the exceptional quality of the Colochrome management. The team consists of well-known professionals with cumulatively over 150 man-years of experience in the telecom industry. Combined with very competitive product performance, this makes the company uniquely positioned to bring a substantial value to the protective windows market and we look forward to supporting the company in this process," says Fredrik Cassel, Investment Manager of Creandum.
About the companies:
Colochrome Oy/Ltd
Colochrome Ltd is an innovative Finnish high-tech company established in 2002 to develop high-quality optical and mechanical surfaces for hand-held devices. The founders of Colochrome comprise an experienced team with a long working history within the global mobile phone and service industry. More information can be found at www.colochrome.fi
Eqvitec Partners Oy/Ltd
Eqvitec Partners Oy is one of the largest technology focused venture capital firms in Northern Europe. The company was founded in 1997 and employs 14 investments professionals in Helsinki and Stockholm. Eqvitec Partners currently advises five funds with a total capital base of over 400 million euros. The funds invest mainly in early and growth phase technology companies. At the moment the funds have investments in 40 technology companies and have carried out 25 exits. More information can be found at www.eqvitec.com
Creandum
Creandum is a Nordic venture fund founded in 2003, investing in companies' earliest phases. The fund is focused on investments in innovative technologies and/or business models in high growth markets backed by outstanding entrepreneurs. More information can be found at www.creandum.com.