PRAGUE, CZECH REPUBLIC, Comprimato, a digital graphics company, has received a 200,000 euro seed funding from Credo Ventures and Y Soft Venture Capital.
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Comprimato, the market leader in JPEG2000 GPU-based compression solutions, has raised 200,000 euro in a seed round from Prague-based venture capital firm Credo Ventures and Y Soft Venture Capital, a daughter company focused on seed funding established by Y Soft, global provider of scalable print system management solutions. The capital will enable the company to drive international sales expansion and strengthen its product offering.
Comprimato is a spin-off from a Prague-based research institute CESNET, which was established in 1996 as an association of all Czech universities and the Czech Academy of Sciences focusing on research and development of advanced network technologies and applications. Comprimato has developed a unique compression solution based on existing mainstream graphics processing units that delivers up to 10x faster JPEG2000 compression compared to existing software solutions at a fraction of the price of custom, single-purpose hardware solutions. Comprimato is headquartered in Brno's South Moravian Innovation Centre.
JPEG2000 is a prevalent UHD video codec with wide range of applications from digital cinema & film post production, broadcasting, ehealth, satellite imagery to military and government applications.
Jiri Matela, co-founder and the CEO of Comprimato says: 'The newly raised capital will help our company scale and expand upon our product offering, helping all companies that process or work with UHD videos deliver faster, yet more cost-effective JPEG2000 solutions.
'We are delighted to have a great combination of venture capital and strategic investors on board, which are aiding us tremendously with commercialization of cutting edge technologies that originate at CESNET' says Michal Krsek, co-founder and the Director of Business Development at Comprimato.
'Credo is excited to support another Czech spin-off from the university/research environment. Comprimato has the potential to capitalize on growing applications of UHD video solutions on a global scale'. Said Vladislav Jez, Partner at Credo Ventures.
Ondrej Krajicek, Chief Research Officer at Y Soft commented on the transaction: 'it is with great pleasure that we are able to support Comprimato in their mission. I am glad to see another Czech team trying to create high added value with solid technology and do business on a global scale. I also appreciate cooperation between Comprimato, Credo Ventures and Y Soft Venture Capital on this project, as each party is adding their unique assets and expertise to it.'
'The Comprimato project represents another acknowledgment of quality of CESNET Association research work that repeatedly receives a feedback also from business market environment. It is clear that systematic challenging research is a right way to enhance the competitiveness of our country', states Jan Gruntorad, CESNET Association director.