Tokyo-based Mitsubishi Corporation today announced that it is leading a $25 million private-equity placement in Seattle-based imaging company LizardTech.
Mitsubishi has also agreed to partner with LizardTech to pursue specific product and market opportunities in Japan and other parts of Asia.
Other firms investing in this Series E round of funding include Oak Investment Partners, Encompass Ventures, SeaPoint Ventures, Digital Partners, Summit Ventures, Kirlan Ventures, Zeron Group and several private shareholders.
Exclusive Interview with LizardTech President & CEO John Grizz Deal:
seattle.internet.com:How was your trip to Japan?
John Grizz Deal: Doing business in Japan requires a great deal of patience. The emphasis is put much more on personal business relationships. My relationship with Mr. Sasaki, president and CEO Mitsubishi Corporation, and Mr. Nakazawa, general manager of Mitsubishi’s Technology and Business Development Dept., is very solid and forms the foundation for driving LizardTech’s global expansion out of the Asian market.
seattle.internet.com: Do you think investment from overseas is an option other internet companies should be looking into?
John Grizz Deal: There is still much more money and it is easier to court investors in Seattle than to commit to an Asian-based private-equity investment. This investment not only provides the funds for LizardTech’s global expansion, but it forms a base for a long-term relationship between LizardTech and Mitsubishi.
seattle.internet.com: What will you be using the investment for?
John Grizz Deal: The funding will be used to build out LizardTech’s sales channels and move LizardTech into Asia and increase our presence in Japan. Currently, we are building our operations up, adding a global services team and consulting services. After that, we will also use the fund for working capital and establishing development offices in San Diego and Palo Alto, Calif.
seattle.internet.com: Are there any other interesting developments at LizardTech you can share with us?
John Grizz Deal: LizardTech has taken a leadership role and defined a completely new area of telecommunications – we call it the ‘heavy lifting’ of telecomm – imaging infrastructure and next-generation communication. Our battle cry is “Every pixel on the planet.” What that means is any medium, from the smallest handheld consumer device up through and including HDTV. Our traditional focus on solving real business solutions gives us the foundation and credibility to exploit hundreds of vertical applications with our technologies.
