Publishing and entertainment investment groups join previous investors in funding leading image search-and-retrieval company
SAN MATEO, Calif. -- February 25, 1997 -- Virage, Inc. announced today a second round of new venture funding from TTC Ventures and Media Technology Ventures. In addition, Sutter Hill Ventures and Trinity Ventures, Virage's original investors, have re-invested in the company. The total combined investment is $2.8 million.
"The two markets that TTC (The Thomson Corporation) and Media Technology Ventures represent, publishing and entertainment, are two of the top vertical markets for our Visual Information Retrieval technology," said Paul Lego, CEO of Virage. Besides contributing financial resources, these two firms have market-specific expertise that will be invaluable to Virage as we move forward and continue to establish our technology as the de facto standard for searching and retrieving visual assets.
Since shipping its first product in December, 1995, Virage has established itself as a pioneer in visual information retrieval (VIR) technology.
Virage's mission is to use its VIR technology to improve the way people access volumes of digital photographs, graphics, video clips and other images. To this end, Virage is broadly licensing the technology to vendor companies, as well as developing applications to meet the needs of users in specific vertical markets such as entertainment, publishing, database, and healthcare. The company's VIR technology has been selected as the image search and retrieval solution-of-choice by numerous industry leaders including Oracle, Informix, Object design, Objectivity and Kodak.
"We are excited to be working with Virage and expect their VIR technology to be a resounding success," said Jarrett Collins, director from TTC Ventures. "Our Parent company, The Thomson Corporation, is always on the lookout for new technologies that have the potential to improve and enhance the publishing process. Our investment in Virage represents the perfect marriage between compelling digital technology for the publishing market and our core publishing business."
"We are very pleased to have been invited to join this investor group, and for the opportunity to lead this round of financing. We believe Virage has developed a leading-edge technology that will allow it to pioneer an important area of database information search and retrieval. Hollywood has very likely invested more money in digital images than any other industry and is at the forefront of embracing technologies designed to help manage these valuable assets," said Jon Funk, general partner of Media Technology Ventures. "Virage's innovative technology makes it possible for entertainment companies to fully utilize images and other digital material."
With new products and technology from Virage on the horizon, we feel secure the company will continue to hold the leadership spot in this exciting market." About TTC Ventures TTC Ventures is the venture capital subsidiary of the Thomson Corporation, an $7.2 billion publishing company. TTC Ventures invests in entrepreneurial companies that are strategically complementary to Thomson, one of the largest information publishers in the world.
About Media Technology Ventures Media Technology Ventures (www.mtventures.com) is a $50 million industry-focused venture capital fund organized by AVI Capital, a Silicon Valley-based venture capital firm. Limited partners include Sun, Hallmark, Motorola and the WPP Group. The fund invests in seed and startup technology companies that capitalize on the market opportunities presented by the convergence of technology and communications in Hollywood and Silicon Valley.
About Virage Virage, Inc. (http://www.virage.com) is the leading provider of products and technologies for Visual Information Retrieval (VIR) for horizontal platforms including DBMS, information retrieval, Internet and digital imaging, as well as vertical applications for publishing, entertainment, medical imaging and digital video markets. Founded in 1994 and based in San Mateo, Calif., Virage pioneered the breakthrough technology of Visual Information Retrieval.
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