Tao Group Receives $7 Million in Latest Funding Round

5/6/2004 - Tao Group, maker of the intent® multimedia platform for mobile and other digital devices, announced further investment into the company. Cross Atlantic Capital Partners www.xacp.com investing into Tao for the second time, led the transaction of more than USD 7 million. Tao, a privately held company, has now raised USD 37 million since August 2001 and approximately USD 45 million since its inception. The additional funding coincides with a raft of recent license wins which include global OEMs, ODMs [Original Design Manufacturers] and MNOs [Mobile Network Operators].

intent is an open and scalable platform that allows rich multimedia content to run on mobile phones and consumer electronics devices, such as PVRs and digital cameras. Independent of operating system, chipset and programming language intent delivers consistent application behaviour on any intent-enabled device. This allows MNOs to have a single content strategy across entire device portfolios. For ODM handset manufacturers and OEMs it offers greater scope for component choice and product differentiation. Deployable either as an entire embedded stack or as a spot solution, intent is gaining very strong traction in the market.

Further to the investment Rajeev Surati joins Tao’s Group board as a non-executive director. With a Ph.D from MIT, Rajeev has considerable industry experience in working with innovative software solutions. Having co-founded Flash Communication, later sold to Microsoft, Rajeev is now Chairman of photo.net and involved with several technology investment organisations.

Francis Charig, Tao’s Chairman, commented, “intent is now a matured technology allowing the company to focus more strongly on securing globally-significant design wins. With the additional funding led by Cross Atlantic we will be able to pursue a much more aggressive go-to-market programme in Europe, Asia and North America.”

"It is Cross Atlantic’s strategy only to lead investment into companies with a significant differential and the quality of management that could genuinely make them world leaders. We found this rare combination in Tao,” said Hazel Cameron, Director of Cross Atlantic. "The intent platform is technologically ahead of the curve and recent license wins have been testament to the strength of the company and the tangible business benefits that intent delivers.”

About Tao Group
Tao has developed intent®, a functionally rich multimedia platform now used by many of the world’s leading MNOs, OEMs and ODMs in their digital client products for mobile and home networks. intent allows them to provide services enabled by Tao’s industry-leading audio, gaming and JavaTM spot solutions, or they can deliver a single content and software infrastructure strategy across all of their platforms, irrespective of operating system, hardware and function. intent is now being used in products including mobile phones, PDAs, cameras, home servers and digital television. The Company was founded in 1992 and has offices in the United States, Europe and Japan. Tao has a growing and high value, global patent portfolio and is the recipient of multiple industry awards, both for its technologies and for the rate of corporate growth. intent is the ratified platform of choice for the Japanese-based Open Contents Platform Association (OCPA).

About Cross Atlantic Capital Partners
Founded in 1999, Cross Atlantic Capital Partners, which has more than $350 million under management, concentrates its investments in technology companies located in the United States, Ireland, and Britain. Its portfolio includes Gain Capital, eCount, Kanbay, Marrakech, and Rubicon Technology.

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