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NuCORE Technology Raises $25 Million in Venture Funding; Total Investment Grows to $83 Million

Posted on: Wednesday, 29 September 2004, 06:00 CDT

Additional Capitalization Will Accelerate Product Development, Expand Customer Support and Provide Additional Operating Capital

NuCORE Technology, the leading provider of digital image processing chips for the rapidly growing digital camera markets, announced that it has secured $25 million in series E funding, bringing the total investment in the company to $83 million. The company will use the proceeds to accelerate product development and delivery cycles, expand its sales support infrastructure and provide additional operating capital.

Quality Investment

Leading the investment group is Meritech Capital Partners, with GIC Special Investments also joining as a new investor. Existing investors participating in this round include: Sigma Partners, Crosslink Capital, Vantage Point Venture Partners, Horizon Ventures and Venture Tech Alliance Partners.

Mr. Paul Madera of Meritech Capital Partners stated, "At Meritech, we focus on investing in private companies who are the leaders in fast growth segments of technology. As part of our due diligence process, we heard from customers that NuCORE Technology has industry-leading products that facilitate bringing higher performance imaging cameras and video recorders to market faster than other traditional solutions. In addition, the NuCORE management team is exceptionally experienced -- we believe the team and product are a winning combination."

According to James Chapman, President and CEO of NuCORE, "This investment is a strong indicator that we are on the right track to success and clearly validates our vision, our products and technologies -- as well as our business model. We are gratified that such an outstanding group of investors has chosen to bet on NuCORE. The company has enjoyed a strategic and technological advantage over other imaging solutions," stated Chapman.

Maintaining a competitive advantage

NuCORE recently announced that it is shipping its latest generation of CleanCapture(TM) image processor, the SiP-1280. The most powerful image processor in its class, the SiP-1280 is a highly integrated device, designed to deliver superior image quality and the highest performance in the market today. NuCORE's award-winning image processors are used in a variety of digital video cameras, digital still camcorders, and in the emerging hybrid camera market -- markets that have enjoyed explosive growth over the past several years.

According to Ron Glaz of IDC, "The digital imaging markets, particularly the digital camera segments, are growing at a phenomenal rate -- over 40% per this year. While these rates cannot be sustained long term, the upside potential remains very strong."

NuCORE's unique combination of product development in Silicon Valley and Japan, which includes NuCORE's founding Japanese team, has enabled the company to build intimate working partnerships with leading digital camera manufacturers and leading key technology suppliers such as CCD image sensors, Lens manufacturers and LCD suppliers.

About NuCORE Technology

NuCORE Technology develops the industry's leading image processors for digital video and still cameras. NuCORE products deliver the highest-quality images at the smallest possible file size, enhance camera performance through increased speed and innovative features, and enable new, smaller form factors while reducing power consumption. NuCORE also provides a complete development platform, including software, hardware and world class support, to help camera manufacturers get new products quickly to market. With dual headquarters in Silicon Valley and Japan, NuCORE is uniquely structured for continued success in the global digital camera market. For more information, see www.nucoretech.com.

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