Wednesday, June 20, 2001
PixStream engineers get new start
In Brief: Technology - Globe & Mail
Four former engineers of PixStream Inc., the video networking company snatched by Cisco Systems Inc. last August for $369-million (U.S.), have secured seed financing for their own venture. VideoLocus Inc. of Waterloo, Ont., was founded in May by Mate Prgin, Lowell Winger, Guy Côté and Michael Gallant, a month after they were laid off by Cisco, which decided to exit its video networking business as part of a restructuring.VideoLocus plans to use the $600,000 to develop a next-generation video compression format, Mr. Prgin said. The money came from Tech Capital Partners Inc., a venture capital firm based in Waterloo.