BERLIN, HAMBURG and MUNICH, Germany, May 20, 2011 /PRNewswire/ —
Earlybird Venture Capital is pleased to announce that its portfolio company
BridgeCo Inc. (http://www.bridgeco.com) a leader in networked audio
technologies, was acquired by SMSC (NASDAQ: SMSC), a leading semiconductor
company enabling content rich connectivity systems. BridgeCo’s JukeBlox(TM)
technology connects tablets, smartphones, PCs, Macs and other consumer
electronics products to a new world of audio entertainment. Earlybird
invested in 2000 as the company’s first institutional investor. In addition
to providing BridgeCo with capital in the early stage of the company’s
development, Earlybird also worked alongside the seasoned management team to
identify the best sources of later stage capital requirements and aided them
in their successful internationalization strategy.

With the industry’s only system-on-a-chip (SoC) and Software Design Kit
(SDK) for networked audio, BridgeCo is making the connected home a reality
and enabling consumers to access their local or cloud-based music library
from any device and from any room in the home. BridgeCo’s technology has been
adopted by some of the largest consumer electronics brands in the world
including Pioneer, Philips, Denon, Marantz, JBL, B&W and Harman/Kardon,
leading to a doubling of customer products in production in each of the last
three years.

Earlybird Managing Partner Christian Nagel and board member of BridgeCo,
comments: “This exit demonstrates our systematic approach of identifying
extraordinary German and European technology companies who can reshape
industries and our deep commitment to developing these companies into
world-class enterprises, and our necessary staying power as a venture
capitalist.”

Gene Sheridan, CEO of BridgeCo comments on the successful and rewarding
relationship with its first investor: “Earlybird not only challenged us to
develop a consistent strategy that could reshape our industry in the early
days of BridgeCo they also were deeply committed to supporting us and
coaching us through all the years to successfully implement our international
business strategy until one of our proudest achievements: the sale to SMSC.”

About Earlybird

Earlybird Venture Capital is one of the most successful European venture
investors. Currently, Earlybird manages EUR430 million in assets for an
international investor base. Earlybird invests in innovative, fast-growing
technology enabled services companies with outstanding management teams and
high growth potential in international markets. Earlybird’s portfolio
currently includes 27 companies and a number of category-leading cloud
services, consumer Internet and digital media firms such as Azeti, B2X Care,
CrowdPark, Madvertise, Mikini, Nfon, Scoreloop, Simfy and Ubitricity. Since
its inception, Earlybird has invested in over 70 companies that have sparked
some of the most significant innovations in business and technology. In
addition to several successful trade sales, Earlybird has led six companies
to an IPO at four different European exchanges (Interhyp, Tipp24, Wilex,
Esmertec, entelos, and NoemaLife). Further Information is available at
http://www.earlybird.com, on our blog: http://www.blog.earlybird.com, on
Twitter: EarlybirdVC or Facebook: Earlybird Venture Capital.

    Earlybird Venture Capital
    Daniela von Wedel
    vonwedel@earlybird.com
    Van- der- Smissen Str. 3
    22767 Hamburg
    Germany
    Phone: +49-40-4329410

SOURCE Earlybird Venture Capital