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Content protection vendor snaps up $13 million in new funding as video over broadband market heats up
February 10, 2004
SEATTLE -- Widevine Technologies, the largest provider of content security solutions to the video over IP market and inventor of the Virtual SmartCard(TM), today announced the closing of $13 million in venture funding. The funding round was led by Vantage Point Venture Partners, one of the largest funds in the United States with more than $2.5 billion in capital under management. Widevine's existing investors, Constellation Ventures, Pacesetter Capital Group, and Phoenix Capital Partners also participated.
The Widevine Virtual SmartCard solution significantly lowers the costs of securing content over video networks while dramatically raising the bar on piracy. Today, the Virtual SmartCard is being deployed in broadband video projects throughout the world. Widevine plans to use the funding to speed the Company's growth to meet the demands of its rapidly growing customer base and expand its reach into traditional cable and satellite markets.
Concurrent with the funding, Widevine announced the appointment of two new members to its board of directors. They are Cynthia Ringo, Managing Director, VantagePoint Venture Partners and Duncan Davidson, Venture Partner, VantagePoint Venture Partners. Ms. Ringo brings more than 20 years CEO and operating executive experience for a variety of communications and technology companies, including CopperCom, Madge Networks and Red Brick Systems. Mr. Davidson brings a wealth of experience in marketing security solutions for content distribution and was formerly a senior executive with InterTrust, a pioneer of digital rights management.
"Widevine's technology is quickly being embraced by the marketplace as Hollywood studios, broadcasters and service operators recognize the need to protect content and revenue streams in this age of digital piracy. With the support and resources of VantagePoint and our existing investors, we have the opportunity to scale our operation to meet the fast-growing worldwide demand," said Brian Baker, President and CEO of Widevine Technologies. "In addition to the long-term financial stability this funding brings, we will now be able to accelerate our product integration and deployment efforts and bring our enhanced solutions to market more rapidly."
"Also, adding such individuals as Duncan Davidson and Cynthia Ringo to our board of directors brings added depth to Widevine's experience and expertise, a valuable element in our growth plans," he said.
Widevine Technologies Inc.
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