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Austin's Macheen Inc. raises $10 million

By Lori Hawkins | Wednesday, June 15, 2011, 12:00 PM

Austin-based startup Macheen Inc. has raised $10 million from investors including North Bridge Venture Capital of Boston and San Mateo, Calif.

Founded in 2009, Macheen delivers online mobile broadband connectivity to buyers of portable and mobile devices that previously didn’t have those services. The company first rolled out its service in March with Dell Inc. in Germany.

Previous investor DJF Mercury also participated in the investment. Macheen previously raised $2.75 million from DFJ Mercury and individual investors Mike Maples Sr. and Tom Meredith.

CEO Richard Schwartz has said Macheen’s services give customers an approximation of what they might get with Apple Inc.’s Apps Store and Amazon’s Kindle e-reader service, which seamlessly deliver content to customers over wireless networks.

With the investment, North Bridge partner Basil Horangic has joined Macheen’s board.

Horangic said that “North Bridge invests in game changers — and Macheen is no exception. The company has already established itself as a leading force in the connected device market with an international footprint and Dell’s choice of Macheen to power its integrated mobile broadband service.

Macheen Inc. Gets $10 Million for Connected Device Market

Macheen Inc., a global cloud service provider for connected devices, today announced it has closed $10 million in Series B financing to build on its successful market entry earlier this year. The round was led by North Bridge Venture Capital, whose Partner, Basil Horangic, will join the company’s Board of Directors.

Macheen’s existing investors also participated in this new round of financing.  Existing investors include DFJ Mercury, which led last year’s Series A financing and is a partner in the DFJ Global Network of venture funds, with over $7 billion in capital under management.  Also among Macheen’s investment group are prominent angels and industry figures: Tom Meredith, Mike Maples Sr.and Yechiam Yemini.

Richard Schwartz, Macheen’s President and CEO, commented, “We’re delighted to have North Bridge as an investor and to have Basil join us as a board member.  Basil and his partners bring an invaluable set of experiences and relationships across the entire value chain, including device makers and mobile network operators.”

Added Horangic, “North Bridge invests in game changers—and Macheen is no exception. The company has already established itself as a leading force in the connected device market with an international footprint and Dell’s choice of Macheen to power its integrated mobile broadband service, Dell NetReady.  Richard has a clear and compelling vision for the company’s future and he’s gathered a deeply talented and experienced team to realize it.

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