GOTUIT MEDIA RAISES $10 MILLION TO EXPAND LEADERSHIP POSITION IN VIDEO ON DEMAND
Round Led by Atlas Venture with Existing Investors Participating
Andover, MA (December 2, 2004) –Gotuit Media Corp., the leading provider of next generation video-on-demand products, announced today that it has secured $10 million in third round funding, bringing current investment in Gotuit Media to more than $20 million. The financing was led by Atlas Venture, a leading venture capital firm, with participation by existing investors including Highland Capital Partners, and others. Additionally, the Company announced that Jeff Andrews, partner in the Information Technology sector at Atlas Venture, has joined Gotuit Media's board of directors.
The new financing will be used to expand the company’s flagship Gotuit On Demand™ offerings in News, Music, Entertainment and Sports, and to launch into new, vertical markets. Today, through major cable operators, the company provides products which offer viewers complete control over their content and the first viable ad model for on demand television. Gotuit’s programming partners include: National Hockey League, Universal Music Group, Kung Fu Records, Vagrant Records; and Scripps Networks’ HGTV, DIY Network, Fine Living, and the Food Network, among others.
“We are thrilled that Atlas Venture chose to lead our next round of funding and understands the tremendous opportunity in on demand, personalized programming for consumers. This funding is a testament to our business strategy, unique product offering, and the world-class team working at Gotuit,” said Gotuit Media Corp. President Mark Pascarella.
"Gotuit Media is the solution to a major problem facing the television industry - the erosion of advertising revenue in the post-Tivo world," said Jeff Andrews, partner at Atlas Venture. "By blending targeted advertising with highly selectable indexed content, Gotuit Media delivers a television experience the users want with a business model that is sustainable. The Gotuit team has excellent customer traction, is rapidly solidifying its position at the forefront of this market segment, and is poised for significant growth," he added.
About Gotuit Media Corp.
Gotuit Media is dedicated to enabling the intelligent navigation of on-demand video content. Its flagship offering, Gotuit On Demand tm, is a patented indexing technology that combines segment metadata with on-demand video content, allowing consumers to quickly access the parts of a show in which they are the most interested. Gotuit works with both cable operators and content owners to provide viewers with direct access to the very best moments in television. The company has established partnerships with leading content providers in the areas of News, Sports, Music and Entertainment.
Gotuit holds a broad portfolio of patents in the time-shifted video space, including several landmark awards concerning video metadata. Founded in 2000, Gotuit Media is privately held and funded by Highland Capital Partners, Motorola and other investors. Additional information can be found on Gotuit Media's web site at www.gotuit.com.
About Atlas Venture
Atlas Venture is the leading international early-stage venture capital firm, investing in information technology, communications and life sciences companies. With investing offices in Boston , London , Munich and Paris , Atlas Venture divides its investments between the United States and Europe . Founded in 1980, Atlas Venture has organized six international funds, and currently manages $2.1 billion in committed capital. The Atlas Venture investment team comprises seasoned operating executives and career venture capitalists who have been deeply involved in the formation and development of more than 300 companies worldwide. For more information about Atlas Venture, go to www.atlasventure.com.
Media Contacts:
David Laubner
Gotuit Media Corp.
E-mail: dlaubner@gotuit.com
Phone: 781.970.5432
For Atlas Venture
Beth Monaghan
The Castle Group, Inc.
E-mail: bmonaghan@thecastlegrp.com
Phone: 617.227.0012 x248
