ExtendMedia Receives $12 Million in Series B Funding.New Investment to Support Robust Market Demand and Accelerate Platform Development BOSTON -- ExtendMedia has announced that it received $12 million in venture capital funding in a Series B round led by TVM TVM Time Value of Money (business, finance, economics) TVM Ticket Vending Machine TVM Thanks Very Much (logging abbreviation) TVM Transmission Voie Machine Capital. Previous investors Atlas Venture Atlas Venture is an international early-stage venture capital firm that invests in communications, information technology, and life sciences companies. Atlas Venture has investing offices in Boston, London, Munich, and Paris, and its investments are evenly divided between the 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[TM] solutions help power digital media commerce for Hewlett-Packard, SHOWTIME, ClickStar, Cablevision, Bell Canada Bell Canada Enterprises (TSX: BCE, NYSE: BCE), legally BCE Inc., is a major Canadian telecommunications company. Through its subsidiaries including Bell Canada, Bell Aliant, Northwestel, Télébec, and NorthernTel, it is the incumbent local exchange carrier for , Manitoba Telecom Services Manitoba Telecom Services (TSX: MBT), or MTS , formerly Manitoba Telephone System, is the primary telecommunications carrier in the Canadian province of Manitoba and the third largest telecommunications provider in Canada with 7000 employees. , 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 (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. 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 Capital infusion Often refers to the cross-subsidization of divisions within a firm. When one division is not doing well, it might benefit from an infusion of new funds from the more successful divisions. allows us to accelerate our technology innovation, expand our unique market positioning and most importantly Adv. 1. most importantly - above and beyond all other consideration; "above all, you must be independent" above all, most especially , help make our customers' businesses even more successful." As part of today's announcement, ExtendMedia also appointed Edward Braginsky, TVM Capital 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, Inc. 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 A primary product of a company, which is typically why the company was founded and/or what made it well known. For example, MS-DOS, Windows and the Microsoft Office suite have been flagship products of Microsoft. CorelDRAW is a flagship product of Corel Corporation. 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 See SOA. , 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 Name Location Founding date Managing Partners/Directors Specialty Capital managed 5AM Ventures Menlo Park, CA; Waltham, MA 2002 John Diekman, PhD (managing partner), Scott Rocklage, PhD (managing partner), Andrew Schwab (managing partner) life sciences $200M [1] formed in Germany and an early entrant into the U.S. market in 1986. Since inception TVM Capital has raised more than EU1.3 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.tvm-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 Market Capitalization A measure of a public company's size. Market capitalization is the total dollar value of all outstanding shares. It's calculated by multiplying the number of shares times the current market price. This term is often referred to as market cap. 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 Menlo Park. 1 Residential city (1990 pop. 28,040), San Mateo co., W Calif.; inc. 1874. Electronic equipment and aerospace products are manufactured in the city. Menlo College and a Stanford Univ. research institute are there. 2 Uninc. , New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Cambridge, MA, and Israel. Originally established as the venture capital arm of the Rockefeller family The Rockefeller family, the family of John D. Rockefeller (1839-1937) ("Senior") and his brother William Rockefeller (1841-1922), is an American industrial, banking, philanthropic, and political family of German American origin that made the world's largest private fortune in the , 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 Sirna Therapeutics Inc. (NYSE: RNAI), Sirna develops therapeutics based on RNA interference (RNAi) technology, a new and extremely potent method of using nucleic acids as drugs. , 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. |
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