May 5, 2006
Rhevision Technology, Inc., developer of miniature tunable optical systems, announced today the completion of its first venture financing, led by EDF Ventures and joined by In-Q-Tel, the independent investment fund that identifies innovative technologies to support the mission of the Central Intelligence Community (CIA) and the larger Intelligence Community. The proceeds will be used to accelerate the development efforts for Rhevision’s tunable lens systems that will revolutionize the world of mobile imaging.
Miniaturized cameras in cell phones and PDAs have quickly become an essential feature for those wanting to capture and store images anytime, anywhere. Experts estimate that 800 million camera phones will ship by 2007 and that consumers will snap 100 billion digital images a year.
“Soon, camera phones will have image sensors comparable to the quality of digital still cameras. What’s lacking is the optical zoom and auto focus functions due to size, weight and cost limitations,” says Rhevision’s CEO, Tim Rueth. “Our optical zoom lenses will meet these market demands and offer auto-focus and 3x optical zoom while fitting in the small form factors of new cell phone designs. Our unique and proprietary approach will prove superior to competing approaches.”
“Rhevision’s miniature lens systems will tap into a highly-compelling consumer market and enable better camera phones,” said Scott Yancey, Acting CEO of In-Q-Tel. “As a strategic venture investor, In-Q-Tel is pleased to be partnering with Rhevision and we are impressed with their promise of significant developments in mobile imaging that will present great value to both the commercial and the government sectors.”
Beau Laskey, General Partner of EDF Ventures said, “We believe Rhevision has the right solution to a growing desire on the part of consumers to increasingly rely on a camera phone rather than carrying both a phone and a camera, and, to be able to generate high-quality images as well. The Rhevision product is designed for high reliability and low manufacturing cost.”
About Rhevision Technology, Inc.
Rhevision Technology, Inc. is a start-up company, possessing technology developed in the University of California – San Diego’s (UCSD) Jacobs School of Engineering, with a mission of developing tunable lens systems for miniature and mobile imaging systems (camera phones, digital still cameras, video recorders). The company is currently developing prototypes that can be delivered to IDMs and camera phone manufacturers. To learn more about Rhevision, please visit www.rhevision.com.
About EDF Ventures
EDF is experienced in investing in all stages of growing companies and has a particular expertise in working with those that are early in their development. We seek equity positions and value-add relationships in companies where we can effectively partner with entrepreneurs to build companies that achieve their maximum potential for sustainable and profitable growth. Funds are typically invested in stages with the expectation that ultimately $4 to $6 million will be invested in each opportunity. EDF prefers to co-invest with other venture capital funds and is prepared to lead the formation of an investor syndicate. Early stage market driven companies in health care and information technology are particularly attractive to the Fund. Website: http://www.edfvc.com.