Blue Falcon Networks Announces $8.5 Million Financing With Sprout Group as Lead Investor; Joshua Goldman, Entrepreneur in Residence at Sprout, Named CEO of Blue Falcon.Business Editors
LOS ANGELES--(BUSINESS WIRE)--July 23, 2002
Blue Falcon Networks, the leading provider of cost-effective digital media delivery solutions, today announced an $8.5 million third round of financing led by Sprout Group, bringing the total capital raised by the company to $20 million. Based in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. , Blue Falcon develops content delivery solutions that combine highly efficient distributed file transport with sophisticated centralized control and management.
Existing investors Draper Fisher Jurvetson Draper Fisher Jurvetson (DFJ) is a venture capital firm based in Menlo Park, California with affiliate offices in more than 30 cities around the world and over $4.5 billion in capital commitments. , Zone Ventures, and Wasatch Ventures participated in the financing with Sprout Group, the proceeds of which will be used for product development and operations.
Josh Goldman, Entrepreneur in Residence An Entrepreneur In Residence (EIR) is an entrepreneur who partners with a venture fund.. EIR
A role as an entrepreneur in residence (EIR) with a venture fund is a very coveted role for many entrepreneurs. at the Sprout Group, will join Blue Falcon as CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . Prior to joining Sprout, Goldman was president and CEO of mySimon, Inc., a Sprout investment since 1999. Goldman oversaw the growth of mySimon into the largest and most successful comparison-shopping system on the Web, culminating in the sale of the company for $730 million to CNet Networks (NASDAQ NASDAQ
in full National Association of Securities Dealers Automated Quotations
U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CNET). After the acquisition, Goldman continued as president of mySimon and also assumed the leadership of CNet's consumer division.
Jay Haynes, the company's former CEO will assume the position of President and Chief Operating Officer Chief Operating Officer (COO)
The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . "I am very excited to work with Josh, and I share his strategic vision for Blue Falcon," said Haynes. "It is an honor to have Sprout join Draper Fisher Jurvetson, Zone Ventures, and Wasatch Ventures as investors in Blue Falcon. The strength of our funding partners is a clear competitive advantage."
"Blue Falcon has established itself as the leader in the rapidly emerging sector of distributed content delivery, and with their sophisticated technology and solid traction with large customers, we believe they can quickly achieve a dominant position," said Alex Rosen, general partner of Sprout.
"Media and entertainment companies realize that secure, cost-effective distribution is the key to creating profitable digital media business models," said Josh Goldman, CEO of Blue Falcon. "This puts Blue Falcon in a very strong position as a key enabler in the rapidly growing area of digital media delivery. I'm thrilled to join this talented team of individuals and to contribute to their growth," adds Goldman.
About Blue Falcon Networks
Blue Falcon provides the most cost-effective, high quality, and easily deployed digital content delivery solutions. With centralized network control, decentralized de·cen·tral·ize
v. de·cen·tral·ized, de·cen·tral·iz·ing, de·cen·tral·iz·es
1. To distribute the administrative functions or powers of (a central authority) among several local authorities. distribution, and integration with industry leading DRM (1) (Digital Radio Mondiale) A digital audio broadcasting (DAB) system for AM radio in Europe. See HD Radio.
(2) (Digital Rights M solutions, Blue Falcon provides groundbreaking digital delivery efficiencies within a securely managed network. Blue Falcon's suite of solutions meets a broad range of digital delivery needs including: live audio and video streaming, on-demand music and movies, and large file and application downloads. The company's target customer base includes digital content providers, traditional/web broadcasters, and Global 1000 corporations. Blue Falcon's rapidly growing customer base includes Radio Free Virgin and Salem Communications. Corporate headquarters are in downtown Los Angeles Downtown Los Angeles is the central business district of Los Angeles, California, located close to the geographic center of the metropolitan area. The sprawling, multi-centered megacity is such that its downtown core is often considered just another district like Hollywood or in the historic Bradbury Building.