14 April 2010

Rendering Accelerator Progeniq Receives Series A Financing

April 12th, 2010 – Sunnyvale, CA / Singapore – Progeniq, a leading provider of acceleration solutions for the animations and visual effects industries, today announced the closing of its Series A financing round led by BAF Spectrum, Ambient Sound Investments and SPRING SEEDS Capital. William Klippgen, Executive Director of BAF Spectrum and Indrek Jaaska, Investment Manager, will both join the board of directors. William Klippgen will take on the role as Executive Chairman. Mr. Klippgen was the co-founder of European internet success Kelkoo.com and has a wide-ranging experience from emerging technology companies in Europe and Asia.

Progeniq will use part of the investment proceeds to increase its global marketing footprint and to start production of its revolutionary RenderBoost card to be launched for general availability in Q3 2010. The RenderBoost hardware card fits into standard x86-based rack servers and cuts time for rendering high-definition frames by as much as 80 percent. The technology was recently tested successfully on complex, full-resolution scenes from recent Hollywood blockbuster “2012”. The company is actively looking to make more rendering software companies RenderBoost compatible.

“With the increase in special effects in current productions and a growing number of 3D movie productions, visual effects houses want to increase the computational capacity of their existing server farms. With our accelerator solutions, studios are able to significantly shorten rendering time, while also significantly reducing electricity consumption per rendered frame”, said Darran Nathan, CEO & Founder of Progeniq.

“RenderBoost promises to be a game-changer for the animation industry and we are looking forward to working closely with the Progeniq team to help bring it to the world market”, added Toivo Annus, lead partner of Ambient Sound Investment and former co-founding engineer of Skype.

About Progeniq Pte Ltd

Progeniq is a leader in accelerated high performance computing (HPC) solutions for various industries. The company is reinventing the way computing is done by creating small, low-power hardware cards that can be retrofitted into existing servers. As a result, sever farm upgrading can be delayed as performance of existing hardware is increased by up to 5 times. Progeniq is working with leading rendering software providers and is backed by the Singapore investment funds BAF Spectrum Pte Ltd (www.bafspectrum.com) and SPRING SEEDS Capital Pte Ltd (www.spring.gov.sg) as well as Estonia-based Ambient Sound Investments (ASI) (www.asi.ee). The company is headquartered in Singapore and additional information is available at www.progeniq.com

About Ambient Sound Investments

Ambient Sound Investments (ASI) is the investment group founded in 2003 with the objective of managing and investing the assets of Skype's Estonian founding engineers. ASI primarily finances international start-up technology companies from its own funds. The company has financed and incubated dozens of technology start-ups worldwide: in Asia, the United States, Western and Eastern Europe, Finland, and Russia.