X-Rite Ventures Invests in Internet Infrastructure Company
Press release from the issuing company
Grandville, Mich. June 5, 2001 - X-Rite, Incorporated (NASDAQ/NMS: XRIT), a leading global provider of technology solutions that measure color, light and shape, announced that its strategic venture capital group, XR Ventures, LLC, has invested in Urbanpixel, Inc., an internet infrastructure development company located in San Francisco, California.
Urbanpixel developed and markets the Web Experience Platform, a software capability that improves and complements the current web experience by combining advanced human interaction solutions with leading-edge internet technologies. Application of Urbanpixel's enterprise solutions enables businesses to develop next-generation web-based interfaces that significantly improve productivity and customer satisfaction.
"The management team at Urbanpixel has targeted applications in web commerce and collaborative exploration of large product and other databases that will take users and customers to a new level of visually enhanced performance," said Dr. Peter Banks, managing partner of XR Ventures. "The company is staffed with a team of industry experts in strategy, user experience design, software development, and management from companies including Apple, Netscape, Macromedia, Xerox and Oracle. Over the past year, the Urbanpixel team has developed unique graphical approaches to the clustering, displaying and online multiparty exploration of complex data. When applied to web and other user environments, this approach enables a much more intuitive and rapid assimilation of time-dynamic, underlying data relationships. This technology and its powerful team are poised for success. For X-Rite, this opens the door to a broad range of applications related to global dissemination of product information and online customer interactions."
"This investment will help support the proliferation of our unique Web Experience Platform and assist us as we expand into new applications and markets," said Ishantha Lokuge, CEO, Urbanpixel, Inc. "Our applications provide breakthrough technology enabling e-business enterprises to manage content, visualize information and simplify navigation ‹ leading the way to positively impact productivity, customer satisfaction and revenue opportunities. In addition to the investment, we highly value the extensive start-up and leadership experience that XR Ventures can provide to help Urbanpixel accelerate its growth."
XR Ventures looks for early stage investment opportunities, including defensible intellectual property. The investments will typically fall within the areas of telecommunications; microsystem optical communications and biomedical analysis; web infrastructure; and other emerging technologies.
Partners in XR Ventures include X-Rite, Dr. Peter M. Banks, and James A. Knister. Banks and Knister have extensive experience in small company start-ups, technology management and investing. Both have had careers as executives in technology companies and have participated extensively in new technology initiatives. In addition to seeking out new technology opportunities and intellectual properties, XR Ventures will often help in the development and success of its acquisitions and investments. More information can be found at www.xrventures.com.
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