Lattice Technology completes fundraising, adds two new investors
Accelerate product development and expand global operations
San Francisco, CA, August 21 2006. LATTICE TECHNOLOGY, INC. (Toriya Hiroshi, CEO: Lattice) announced it has completed •485million ($4.2million) of fundraising. Lattice will use these additional funds to increase product development and continue itís investment in global business expansion. The funding will be provided by Tokio Marine & Nichido Fire Insurance Co., Ltd and an additional company. Tokio Marine & Nichido will become the third major shareholder joining Toyota Motor Corporation and Mitsui and Co., Ltd.
The funding will be targeted at the development of next-generation 3D applications and expansion of Lattice Technology's global operations. Since Lattice's 3D ultra-compressed format, XVL, has become a standard in many major companies, the needs for XVL related products have diversified from initial uses of 3D viewing and collaboration to include Design Review and Technical Publications. Due to the increasing use of 3D CAD, the accumulation of 3D data in corporations is rapidly progressing and XVL has become a key technology in distribution of information for many major corporations and their supply chain. Lattice Technology will use the new funding to ensure its products and technology continue to meet an exceed customer needs.
Lattice has also been reinforcing its global sales channels and, after successfully growing business in the USA and Europe since 2003, established a full subsidiary, Lattice Technology, Inc., in the USA in April 2006 to manage business in the Americas and Europe, Africa, Middle East markets. Business growth in these markets has continued with European and American corporations also deploying XVL based solutions corporate-wide. The funding will help support continued global expansion.
Lattice Technology has projected that sales will be at least doubled over the next two years by new product introduction and continued global expansion.
About Tokio Marine & Nichido Fire Insurance Co., Ltd.
About Lattice Technology, Inc.
Founded in 1997 with headquarters in Tokyo, Japan and San Francisco, USA, Lattice Technology provides global companies with proven solutions for the propagation of 2D/3D design data across the enterprise. Lattice's standards based XVL® (eXtensible Virtual world description Language) technology enables companies to securely provide highly accurate and compressed 3D files to partners, suppliers, and internal departments in a lightweight browser-based solution. XVL® is unmatched in performance, compression and accuracy. XVL is widely introduced in more than 2000 companies, mainly in the automotive and electronics industries. For more information, visit www.lattice3d.com.
*XVL is the registered trademark of LATTICE TECHNOLOGY, INC.
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