Algolith Announces $6.5 Million In New Funding

Montréal, Québec -- Algolith has secured funding in the amount of $6.5 million (Canadian) in its Series A round of financing from a group of new and existing investors. The investors, which represent both institutional and private funding sources, include Fondaction, a Québec-based venture capital enterprise, and Lothian Partners, an affiliate of Coller Capital, the leading global investor in private equity secondaries.

"We're very pleased to invest in Algolith," said Dominique Bélanger, principle of Lothian Partners. "The new funding will enable Algolith to seize the opportunity to more pro-actively market its products and technologies in the rapidly growing home theater and digital TV market. As displays grow in size, they exhibit larger noise artifacts. Algolith is the only company in the market that has solutions for reducing these specific artifacts. In addition, as new products, such as Blue Ray and HD-DVD, enter the market, consumers' expectation of superb picture quality increases. Once again, no other company possesses as broad a range of high-quality image-enhancing solutions to provide what consumers are demanding."

In the post-production market, media content creators rely on Algolith products to restore image quality, and to convert images from one video format to another; for example, from film to video, or from a standard TV signal to HDTV.