RapidMind Secures $10 Million in Venture Capital Financing

RapidMind Inc., makers of the award-winning RapidMind Development Platform, recently announced it has closed $10 million of venture capital funding, led by Ventures West Capital Ltd. Also participating in this financing is EdgeStone Capital Partners and existing investor BDC Venture Capital. RapidMind will use the funding to solidify its leadership position by delivering the industry’s most sought after software development platform for applications running on multi-core and stream processors. This new investment will be used to grow RapidMind’s sales organization to meet rapidly increasing customer demand and to drive aggressive marketing efforts to expand its customer base in the high performance computing and enterprise markets.

“RapidMind is leading the charge to solve one of the technology industry’s biggest and most complex challenges,” said Ray DePaul, President and CEO of RapidMind. “Ventures West, BDC and EdgeStone offer us the vision and experience we need to remain at the forefront of this global opportunity.”

Software performance has traditionally benefited from the increasing clock speed of processors but additional speed gains are now limited by the laws of physics. In response, processor vendors have now focused on putting multiple cores on each processor to achieve increased performance. Traditionally, harvesting performance from these additional cores requires programmers to use complex parallel programming tools and methodologies specific to each vendor’s processor architecture. With RapidMind, software developers can use standard C++ programming to easily create high-performance applications that leverage the full performance of GPUs, the Cell Broadband Engine or multi-core CPUs without porting or any architecture specific knowledge.

“If programmers can’t adapt to multi-core programming, 2007 will be the year that Moore’s Law stopped driving four decades of technology innovation,” said Robin Axon, Partner at Ventures West. “These are the kinds of watershed events that venture capitalists live for. Add to the mix a market driven company leveraging years of academic research to elegantly solve this industry-wide problem, and stars align. You just have to be a part of it.”

“RapidMind has made tremendous progress since our first investment last year. I am very proud of the existing team and their innovation and execution abilities which allowed us to attract this new round of investment,” said Victor Scutaru of BDC Venture Capital, Technology Seed Investments, the first investor in RapidMind at the seed stage.

Robin Axon of Ventures West, John Kemp-Welch of BDC Venture Capital and Laura Lenz of EdgeStone Capital Partners join RapidMind’s board of directors. Duncan Hill, Founder and Chief Technology Officer of Think Dynamics (acquired by IBM in 2003), remains an independent board member. President and CEO, Ray DePaul, and Co-founder and Chief Scientist, Michael McCool also remain on the board.

For more information, please visit: www.rapidmind.net