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Bigfoot Networks Receives $4 Million Investment
from Venio Capital Partners to Accelerate Online Games
AUSTIN, Texas - Mar.
06, 2006 - After winning
numerous awards, including the 2005 Fortune Small Business Startup
Competition and
the prestigious 2005 Moot
Corp. competition at the University of Texas, Bigfoot Networks, Inc. has
achieved its biggest milestone yet: $4 Million in Series A financing
from Venio Capital
Partners.
Bigfoot Networks is an innovative start-up
company with roots from the McCombs School of Business at the University
of Texas at Austin.
The company was
formed by a team of Executive MBA students who teamed together to improve
the performance
of online video games played over a high-speed internet connection.
The company
will bring to market the world’s first Gaming Network Accelerator
card, which will allow online gamers to play their favorite games with less
lag. Lag is the number one problem in online video games today, and Bigfoot
Networks is the only company in the world whose sole mission is to fight lag.
"Bigfoot Networks products will infuse
online gaming with blazing speed, making them a ton more fun," says
Harlan Beverly, inventor, co-Founder, and CEO of the company. "We
are to online games what 3D video cards are to graphics: essential.
Eventually, we plan to completely eliminate the dreaded
lag monster."
Bigfoot Networks was introduced to Venio
Capital Partners through their membership to the Austin Technology
Incubator. With the $4 million
in funding from Venio,
Bigfoot Networks hopes to bring its first product to market this summer.
They plan to demonstrate beta versions of their product at several
of the major
trade shows in 2006, including the popular E3 (Electronics and Entertainment
Exposition).
“Venio Capital Partners is very excited about this latest investment given
its unique fit within our focus of both technology and entertainment investments.
Bigfoot Networks is attacking the number one problem in the very large and
growing online gaming market: Lag” said Brian Grigsby, managing partner
at Venio Capital Partners. “While Bigfoot Networks is providing a much
needed technology solution to online gamers, the makers of online games are experiencing
financial
losses due to lag as well. Bigfoot Networks has technology we believe can help
solve both problems.”
Bigfoot Networks
Bigfoot Networks Inc. is an Austin-based private gaming hardware
company dedicated to providing hardware products that reduce
lag and latency in online games.
Venio Capital Partners
Venio Capital Partners is an new and innovative early stage technology
and entertainment venture fund that offers differentiated
value to both entrepreneurs
and its investor
partners. For entrepreneurs, Venio offers the ‘best of both worlds’ between
traditional angel investments and venture capital investments. Venio offers the
operating experience, patience, and ease of doing business with of angels while
providing the due diligence, extensive network, and capital resources of traditional
venture capital firms.
For its investor partners, Venio offers an
alternative to venture capital models by involving its capital
partners in the investment
process. Venio ‘Virtual’ Fund
model allows its investment partners the discretionary control to manage
their investment decisions and capital liquidity over the life of the fund
Venio
Capital Partners has been using this model very successfully for the past
several years
with investments in companies like Buildforge and Webify. Venio is currently
making investments as part of VCP Virtual Fund II.
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