ExtendMedia Receives $12 Million in Series B Funding
New investment to support robust market demand and accelerate platform development
BOSTON, MA - (April 6, 2007) - ExtendMedia has announced that it received $12 million in venture capital funding in a Series B round led by TVM Capital. Previous investors, Atlas Venture and Venrock Associates, also participated in the current round. This financing follows a previous $11 million Series A round, bringing funding to a total of $23 million. The additional funds will be used to accelerate sales, marketing and product development efforts to meet strong market demand for both direct-to-consumer and ad-supported digital content businesses. ExtendMedia's OpenCASE™ solutions help power digital media commerce for Hewlett-Packard, SHOWTIME, ClickStar, Cablevision, Bell Canada, Manitoba Telecom Services, and major third-party integrators.
"Content rights owners and distributors need deep, broad enterprise-class technology and infrastructure in order to bring compelling digital content services to market," said Jim Geary, CEO of ExtendMedia. "We're already uniquely capable of meeting the complex requirements of large media companies and wireline and wireless service providers. This capital infusion allows us to accelerate our technology innovation, expand our unique market positioning and most importantly, help make our customers' businesses even more successful."
As part of today's announcement, ExtendMedia also appointed Ed Braginsky, TVM general partner, to the company's board of directors.
""TVM Capital's investment in ExtendMedia reflects our commitment to funding outstanding U.S.-based technology companies that can potentially benefit from our expertise and industry relationships in both Europe and the U.S.," says TVM Capital General Partner Ed Braginsky. "ExtendMedia powers some of the industry's most prominent digital video delivery offerings, and has the rare combination of deep expertise and start-up gusto that is already making its mark on a fast-changing industry."
"We have been very pleased with the great progress ExtendMedia has made over the last year in the rapidly growing broadband and wireless video market place," said Ahmet Ozalp, general partner at Atlas Venture. "With this new financing round, we are very excited about TVM Capital joining Atlas, Venrock and the exceptional team at ExtendMedia in our journey to create a global leader in digital media e-commerce solutions and services."
About ExtendMedia, Corporation
Headquartered in Boston, MA, ExtendMedia provides a digital content service delivery platform that enables content rights holders and distributors to quickly create, manage, secure, and monetize content services across broadband, TV and mobile devices.
The company's flagship product offering, OpenCASE, is purpose-built to satisfy the demanding needs of the media market for an end-to-end, enterprise-class, digital content service delivery platform. Built on a service-oriented architecture, OpenCASE can be rapidly deployed and integrated with existing operational systems giving customers unrivaled flexibility and versatility to create, control and securely deliver high-quality media services. The product is available as an ASP or as an enterprise-licensed, on-premise offering.
ExtendMedia has over 15 years of experience working closely with the world's most successful and innovative communications and media companies including: SHOWTIME, Hewlett Packard, Cablevision, Nelvana Entertainment, Bell Canada, Manitoba Telecom Services and ClickStar.
For more information, please visit us at www.extend.com
About TVM Capital
TVM Capital, founded in 1983, is one of the first venture capital firms formed in Germany and an early entrant into the U.S. market in 1986. Since inception TVM Capital has raised more than €1.3 billion ($1.6 billion) in six fund generations and has established itself as a leading technology investment group in Europe and the U.S. TVM Capital funds have made investments in more than 235 information technology and life science companies where innovation, effective management and sound financial backing have enormous impact on company growth. The firm's in-depth knowledge of the European and U.S. environment helps companies create businesses that enjoy access to science, management talent, distribution channels and capital on both sides of the Atlantic. More than 50 companies from its portfolio have gone public on European and U.S. stock exchanges. Today, TVM Capital is actively invested in more than 70 companies. For more information please visit: www.twm-capital.com
About Atlas Venture
Atlas Venture is a leading early-stage venture capital firm that invests in technology and life sciences companies. Since inception in 1980, we have helped build over 300 companies in more than 16 different countries. In the past decade, 44 portfolio companies have been acquired and 47 are now public companies with an aggregate market capitalization of over $15 billion. The firm is currently investing from its seventh fund and manages over $2.5 billion in committed capital. For more information, please visit www.atlasventure.com
About Venrock
Venrock is a premier venture capital firm with offices in Menlo Park, New York, Cambridge, MA, and Israel. Originally established as the venture capital arm of the Rockefeller family, Venrock continues a seven-decade tradition of funding entrepreneurs and establishing successful, enduring companies. Having invested $1.8 billion in 400 companies resulting in over 120 IPOs over the past 38 years, Venrock's investment returns place it among the top tier venture capital firms that have achieved consistently superior performance. With a primary focus on information technology, healthcare, and energy, portfolio companies have included Intel, Apple Computer, StrataCom, Check Point Software, and DoubleClick; Sirna Therapeutics, Centocor, Idec Pharmaceuticals, Sugen, Millennium Pharmaceuticals, and Illumina. For more information, please visit Venrock's website at www.venrock.com
All trademarks, trade names, service marks, and logos referenced herein belong to their respective registered owners.
Contacts:
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Mike Coulson ExtendMedia Corp. 416-535-4222 x2210 press@extend.com |
Mary Kae Marinac MKM Corporate Communications 978-685-3136 mkmarinac@comcast.net |
