Sound Vision Secures $21 Million in Venture Funding.Business/Technology Editors FRAMINGHAM, Mass.--(BUSINESS WIRE)--April 11, 2000 Digital Imaging Leader Poised for Rapid Growth with Investments from Prism Venture Partners, Advanced Technology Ventures and SsangYong Singapore Sound Vision, Inc., a leading innovator of digital imaging software and silicon solutions, today announced it has received a $21 million investment from Prism Venture Partners, Advanced Technology Ventures and Juniper juniper, any tree or shrub of the genus Juniperus, aromatic evergreens of the family Cupressaceae (cypress family), widely distributed over the north temperate zone. Many are valuable as a source of lumber and oil. Capital Venture, an investment holding entity of SsangYong Singapore. Privately held, this is Sound Vision's second round of funding. The new capital will be used to increase the company's leadership position in product development, as well as expand worldwide sales and marketing initiatives. Sound Vision will also continue to foster high-level partnerships with industry leaders in digital imaging. Catering to both business and consumer markets with special emphasis on technology links to web-based imaging infrastructure, Sound Vision is poised for rapid market growth. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Lyra Research, recent data shows worldwide shipments of digital cameras, which reached 5.4 million in 1999, will grow to over 17 million by 2004. Furthermore, International Data Corporation estimates worldwide 1999 to 2003 compounded annual growth rates Growth Rates The compounded annualized rate of growth of a company's revenues, earnings, dividends, or other figures. Notes: Remember, historically high growth rates don't always mean a high rate of growth looking into the future. for entry-level digital camera shipments to be 43% and the toy segment to be 110%. Sound Vision'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. , Clarity, is a solution designed specifically for digital imaging devices. Together with the company's comprehensive firmware A category of memory chips that hold their content without electrical power. Firmware includes flash, ROM, PROM, EPROM and EEPROM technologies. When holding program instructions, firmware can be thought of as "hard software." See flash memory, ROM, PROM, EPROM, EEPROM and FOTA. library and consulting services Noun 1. consulting service - service provided by a professional advisor (e.g., a lawyer or doctor or CPA etc.) service - work done by one person or group that benefits another; "budget separately for goods and services" , the Clarity platform enables digital camera marketers and OEMs to achieve rapid time to market with digital imaging products, including cameras, cell phones, PDAs, security devices, medical devices, automobiles, robotic ro·bot·ic adj. Relating to, characteristic of, or employing robots. equipment and other home and business appliances. "Digital media infrastructure companies represent the next big wave in technology," said Arnab Chanda, Digital Media Analyst, Robertson Stephens. "With digital camera market demand at the outset of sharp increase, Sound Vision is uniquely poised for aggressive expansion." "The experience and quality of our investment team will contribute to this company's success," said John Morey, 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. , Sound Vision. "With our products and services gaining broad acceptance in the digital imaging marketplace, a solid management team and growing roster of mature customers, Sound Vision will continue to build upon its track record of success." "At Prism Venture Partners, we look for companies that are not only developing and marketing a leading, cutting-edge technology, but also have the management team in place to make it happen," said Robert C. Fleming, Prism General Partner. "Sound Vision's management team has the knowledge and operating expertise to rapidly drive the business to the next level." "Sound Vision is well-poised to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. the explosive growth of the digital imaging marketplace," said Michael Frank, General Partner, Advanced Technology Ventures. "The investment activity encompassing Sound Vision is a clear indication of market demand for a programmable and innovative platform for building next generation digital imaging capture devices." About Sound Vision Sound Vision is a leading developer of highly integrated software Separate software components or applications that have been combined into one package. See integrated software package. and silicon solutions enabling digital imaging and sensing to be incorporated into a variety of end products. The company's products and services are designed to meet the needs of product designers and OEM's, enabling them to rapidly bring entire families of digital imaging products to the market at a reduced cost. Sound Vision is unique in both its depth of image processing image processing Set of computational techniques for analyzing, enhancing, compressing, and reconstructing images. Its main components are importing, in which an image is captured through scanning or digital photography; analysis and manipulation of the image, accomplished experience and its system design business model, focusing exclusively on meeting the needs of customers that serve the digital camera, toy, wireless communications wireless communications System using radio-frequency, infrared, microwave, or other types of electromagnetic or acoustic waves in place of wires, cables, or fibre optics to transmit signals or data. , security, and other consumer and business markets. Information on Sound Vision can be found on the World Wide Web at, http://www.soundvisioninc.com. About Prism Venture Partners Prism Venture Partners is a leading venture capital firm providing equity investments in start-up, early-stage and growth companies in the communications, Internet and healthcare industries. Founded in 1996, Prism has successfully combined the venture, entrepreneurial and operating expertise of its general partners to build significant value for its investors. Prism has over $550 million under management in its three funds. Additional information on the Prism Venture Partners management, its funds and portfolio companies can be found at www.prismventure.com. About Advanced Technology Ventures Founded in 1979, Advanced Technology Ventures is a leading venture capital firm focused on Internet, communications and health care opportunities. ATV's management experience, technology expertise, global network of industry contacts and collaborative style has helped more than 125 companies navigate from inception to IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. and beyond. With approximately $750 million under management, ATV's investment philosophy centers on collaborative, active participation with the management teams of its portfolio companies. For more information, visit www.atvcapital.com. |
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