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April 6, 2007
BOSTON -- 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(TM) 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 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."
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