TMCnet News
Comcast Interactive Capital Invests in RGB Networks; Mitsui & Company Venture Partners Co-Leads $12 Million Investment in Video Processing InnovatorSAN MATEO, Calif. --(Business Wire)-- Jan. 11, 2005 -- RGB Networks, the leader in network video processing, today announced it has closed its latest round of funding totaling more than $12 million from strategic investors Comcast Interactive Capital (CIC) and venture capital firm Mitsui & Co. Venture Partners (MCVP), and from existing investors Accel Partners and Kleiner Perkins Caufield & Byers. In addition to co-leading the round, CIC has joined RGB's board of directors, where it will assist the company in realizing its strategic mission. RGB's networked video processing solutions, based on its Video Intelligence Architecture(TM) (VIA(TM)), enable cable operators and telcos to create efficient switched digital video networks that effectively manage, scale and deliver advanced services such as Video On Demand leveraging high-speed Gigabit Ethernet technology. A recent study by research firm In-Stat/MDR indicates the market for Gigabit Ethernet video delivery equipment will grow from $63 million today to approximately $920 million in 2008. "To have investors of Comcast Interactive Capital's and Mitsui's caliber make such a substantial commitment to RGB Networks is a strong endorsement of our strategic vision and a vote of confidence in our ability to deliver the right technology," said Adam S. Tom, RGB's president and CEO. "This financing round will enable us to accelerate our efforts to deliver a family of products for effectively expanding a cable operator's usable bandwidth." "We believe technology like RGB's will play a critical role in enabling the cable industry to scale On Demand offerings allowing operators such as Comcast to differentiate and enhance video services for their customers," said Louis A. Toth, managing director, Comcast Interactive Capital and the newest member of RGB's board of directors. "Equally critical is RGB's potential contribution toward simplifying the transition to all-digital networks without requiring intense capital expenditures. We feel confident in this management team's ability to execute on this vision considering their proven track record." "The emerging video delivery industry represents a very important and strategic investment opportunity for Mitsui," said Richard E. See, investment partner at MCVP. "The telco and video delivery markets will experience tremendous growth over the next four years, particularly in Asia where the transition to all-digital and IP video environments is well underway. As a developer of leading-edge solutions that enhance and improve the delivery of video streams in cable environments, RGB is well positioned to take advantage of this market growth. We are excited about working with RGB and Comcast to help drive this growth and shape the industry." About RGB Networks RGB Networks delivers powerful, open-protocol video processing and bandwidth management solutions that enable video service providers to route, switch, process and distribute video streams at dramatically higher densities and data rates than today's equipment, and at considerably lower costs. Based on its unique Video Intelligence Architecture(TM) (VIA(TM)), RGB's products process multiple advanced video applications on a single programmable, high-performance platform, enabling video service providers to build flexible, adaptable next-generation networks today that leverage existing infrastructure to improve the economics of today's services while providing a foundation for delivering advanced, revenue-generating services in the future. For more information about RGB Networks and the Video Intelligence Architecture, please visit www.rgbnetworks.com. About Comcast Interactive Capital Comcast Interactive Capital is a venture capital fund focused on broadband, enterprise and interactive technologies. CIC is affiliated with Comcast Corporation, a diversified global leader in cable, broadband services, telecommunications and entertainment. CIC's primary goal is to generate superior financial returns from private equity investments in early-stage technology companies. To achieve this goal, CIC works to foster the success of its portfolio companies by bringing to bear the unique resources, experience and insight of both CIC and the Comcast family of companies. Additional information is available at www.civentures.com. About Mitsui & Co. Venture Partners MCVP is an international venture fund that invests in early-stage U.S. technology companies with an emphasis in the communication, software, information services, life science and medical device industries. MCVP's focus on start-ups with industry-transforming potential enables the company to add maximum value in assisting management teams build their business. Visit www.mitsuivp.com for more information. |
