2008-08-25 05:00:00
Revolutionary Technology Solves the Internet's Most Difficult Challenge:
LIVE High-Quality Media Experience
SAN MATEO, Calif., Aug. 25 // -- Conviva, developer of the
first LIVE media platform that enables media companies to deliver an
inviting, exciting and uniting online live experience, today announced it
has secured $20 million in a Series B round of funding. UV Partners led the
round, with participation from Series A investors New Enterprise Associates
(NEA) and Foundation Capital. The funding brings Conviva's total amount
raised to $29 million and will help the company expand its global platform,
accelerate product development, and invest in business development with key
customers.
"This investment is a fantastic milestone that validates the leadership
team, the value to customers, and the confidence in our ability to
execute," said Carlos Ramon, Conviva CEO and president. "Raising such a
fast and aggressive round of funding underscores the confidence in our
innovative technology platform and the years of tremendous science that led
to its development. In a crowded and cynical market plagued by empty
promises, this funding bolsters Conviva's staying power and will propel us
into the future."
In conjunction with the Series B funding, Dr. Carl Ledbetter, managing
director of UV Partners, has joined the Conviva board of directors. Prior
to joining UV Partners, Ledbetter was senior vice president,
engineering/research and development and chief technology officer at
Novell, and was responsible for Novell's venture fund. Earlier in his
career Dr. Ledbetter was president of AT&T's consumer products division and
held senior positions at Sun Microsystems, IBM, and Control Data
Corporation.
"I am honored to join the Conviva board of directors and to be part of
a team that will revolutionize the live online experience," said Dr.
Ledbetter. "The substantial investment in a tough economy signifies
investor confidence that Conviva is addressing a huge market opportunity."
"Dr. Ledbetter will be a tremendous asset to the company, as he brings
a wealth of technical knowledge, market insight, and proven executive
leadership," said Peter Sonsini, partner at New Enterprise Associates.
"Like fellow board member Mike Ramsay, the co-founder of TiVo who
fundamentally changed the way we watch TV, Carl is a visionary who will
support our scientists and engineers as we transform the live online
viewing experience for people around the world."
Conviva C3 is the world's first media platform that enables content
owners to intelligently and securely manage the distribution of LIVE media
and real- time programming online. Built for live media from day one, the
platform enables content owners to create a new "virtual living room"
audience experience and improve the economics of digital media on the
Internet.
"Investors see that the Internet video market has reached an inflection
point -- it's a market poised for massive growth yet facing serious issues
in meeting demand," said Adam Grosser, general partner at Foundation
Capital. "Conviva has solved the most challenging problem of the Internet:
ensuring a LIVE, high-quality, online media experience. By overcoming the
broken mechanics of first-generation solutions, Conviva has radically
altered the economics for content owners so they can realize new revenue
streams by monetizing content never accessible before, differentiate
themselves from competitors, and expand their global audience reach."
All-Star Board of Directors Brings Deep Domain Expertise and Industry
Connections
Dr. Ledbetter joins a board of directors that already boasts leading
scientists who have been working for more than a decade to solve the
problem of delivering high-quality, live video over the Internet, as well
as C-level executives from some of the most respected global business
execution companies. The Conviva board of directors includes: Carlos Ramon,
CEO and president (ex- general manager of Akamai Technologies'
international business, which grew 400 percent under his leadership in just
over three years); Dr. Hui Zhang, chief scientist and co-founder (ex-CTO of
Turin Networks and professor of computer science, Carnegie Mellon
University); Ion Stoica, CTO and co-founder (professor of computer science,
UC Berkeley); Mike Ramsay, venture partner, NEA (co-founder and former CEO
and chairman of TiVo); Dr. Forest Baskett, general partner, NEA (ex-SVP of
R&D and CTO of Silicon Graphics); Peter Sonsini, partner at NEA (former
senior executive at VMware); and Adam Grosser, general partner, Foundation
Capital (ex-president of Excite@Home).
About UV Partners
UV Partners, established in 1986 with offices in Salt Lake City and Los
Angeles, is a leading early-stage private equity investment group. UV
Partners helps entrepreneurs develop early-stage concepts into tomorrow's
industry- leading information technology and life science companies. For
more information, visit http://www.uvpartners.com.
About NEA
New Enterprise Associates, Inc. (NEA) is a leading venture capital firm
focused on helping entrepreneurs create and build major new enterprises
that use technology to improve the way we live, work and play. Since its
founding in 1978, the firm has followed the same core principles:
supporting its entrepreneurs, providing an excellent return to its limited
partners, and practicing its profession with the highest standards and
respect. Through its affiliated funds, NEA focuses on investments at all
stages of a company's development, from seed stage through IPO. With
approximately $8.5 billion in committed capital, NEA's experienced
management team has invested in over 600 companies, of which more than 160
have gone public and more than 240 have been acquired. NEA has U.S. offices
in Chevy Chase, Maryland; Menlo Park, California; and Baltimore, Maryland.
In addition, New Enterprise Associates (India) Pvt. Ltd. has an office in
Bangalore, India, and New Enterprise Associates (Beijing), Ltd. has offices
in Beijing and Shanghai, China. For additional information, visit
http://www.nea.com.
About Foundation Capital
Founded in 1995, Foundation Capital is a venture capital firm committed
to supporting entrepreneurs and their companies, targeting innovative
opportunities in cleantech, consumer Internet and infrastructure;
telecommunications and networking; and enterprise software and on-demand
services. Foundation Capital funds total more than $1.7 billion. For more
information, visit http://www.foundationcapital.com.
About Conviva
Conviva offers the first LIVE media platform that enables media
companies to create an inviting, exciting and uniting online LIVE
experience. The Conviva(TM) platform, called Conviva C3, provides a
real-time, intelligent, interactive and secure LIVE video distribution
platform. Media executives around the world are working with Conviva to
innovate their audience experience to energize their brand, make content
pay, and command the LIVE audience. Conviva is headquartered in San Mateo,
California. For more information, visit http://www.conviva.com.
Conviva and the Conviva logo are trademarks of Conviva. All other
brands, products, or service names are or may be trademarks or service
marks of their
respective owners.
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