Virage Closes $6 Million Financing Round Led by Adobe Ventures
Virage to focus on extending its position as the leading supplier of video cataloging solutions SAN MATEO, Calif.--May 26, 1998--Virage, Inc. announced today that it has secured a third round of venture funding totaling $6 million. This latest funding represents the largest single investment received by a company in the media cataloging and media management software space. The round was led by Adobe Ventures, managed by H & Q Adobe Ventures Management, and supported by Virage's existing investors including Sutter Hill Ventures, Trinity Ventures, Media Technology Ventures and TTC Ventures. Virage will use this financing to accelerate the growth of its video cataloging product portfolio.
"The primary objective of Adobe Ventures is to build new market opportunities by investing and supporting innovative companies such as Virage," said John Warnock, Chairman and CEO, Adobe Systems. "As rich digital media proliferates in organizations and on the Web, the need to catalog, manage and retrieve this content becomes more critical. Virage's products represent important foundation technology for the digital media and media-rich e-commerce markets.""Adobe Ventures' entry into this market is significant. Video has become the prized data type in maturing digital content markets such as Web publishing, media management, distance learning and military intelligence," said John Rossi, Managing Director of BancAmerica Robertson Stephenson. "Dynamic indexing and cataloging technology is a principal catalyst for the rapid saturation of video content into these markets. Virage is setting the standard for this critical new category of software.""Virage initially introduced the first production-ready video cataloging solutions to broadcasters because of their acute need to quickly and easily index and access their vast video assets," said Paul Lego, chief executive officer of Virage. "But video cataloging is strategic to virtually any business initiative that uses video. By watching, listening to and reading video in real time, we crack open what has been a black box and enable a number of new revenue generating opportunities. So, whether it's digital TV, Web publishing, distance learning or media management: It all starts with Virage and video cataloging." Key industry leaders, such as Avid Technology, Cinebase and Silicon Graphics have all selected the Virage Video Cataloger as their video indexing solution of choice, further endorsing Virage's leadership position in the marketplace.
Virage's Video Cataloger automates the indexing and publishing of video in real time to an entire organization, making it available via an Internet connection. Users are able to search for and find the material they need much more effectively and quickly than ever before, increasing their productivity. Personalized content delivery also becomes a reality, as content providers and distributors gain immediate, non-linear access to all segments of their video, making it possible to dynamically match viewers' interests with appropriate video footage.
Since shipping its first video cataloging and media browsing products in September 1997, Virage has quickly built an impressive customer base among the leaders in the broadcasting community, including ABC NewsOne, BBC and CBS, as well as several classified government agencies, such as the National Intelligence Mapping Agency (NIMA). In addition to the aforementioned customers, Virage is also currently engaged in successful pilot programs involving Web publishing, distance learning and e-commerce.
About Virage, Inc.
Virage creates and markets a portfolio of intelligent video cataloging and media browsing solutions to broadcast corporations, government organizations, advertising agencies and consumer product and service companies. Virage's market-leading video cataloging solutions provide organizations with significant operational efficiencies and enable new business opportunities through the automatic indexing and non-linear access of video. Companies that have forged strategic alliances with Virage include Avid Technology, Cinebase, Informix, Microsoft, Oracle, RealNetworks, Silicon Graphics and Sun Microsystems. Headquartered in San Mateo, California, Virage was founded in 1993 to provide organizations with advanced methods for accessing and leveraging diverse media assets. For more information see the Virage Web site at http://www.virage.com or call (650) 573-3210.
About Adobe Ventures L.P.
Adobe's core technologies and flagship applications have consistently helped generate product and service opportunities for other companies. Continuing in this tradition, Adobe has invested in two venture capital limited partnerships, Adobe Ventures I and II, both chartered to invest in innovative companies strategic to their software business. Adobe Ventures portfolio companies make a broader set of products and services available to computer users, and enable Adobe to join other investors in building new companies and market opportunities.
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