Omneon Video Networks Secures Over $24M in Third Round Funding -- Raising Total to Over $57M
BANGALORE, India -- Dec 12, 2000 -- Omneon Video Networks", the new media infrastructure company, announced today the completion of a $24.8M third round of financing. The round was led by Meritech Capital Partners and new investors include Chase H&Q, Intel Communications Fund, Palo Alto Investors, and Thomas Weisel Partners. Meritech Capital is a late-stage investment group formed by several well-known venture firms, Oak Investment Partners, Redpoint Ventures, Brentwood Ventures and Worldview Partners. Previous round Omneon investors Accel Partners, Mayfield Fund, Norwest Venture Partners, Lucent Venture Partners and The Ignite Group also made new investments. The company has now raised more than $57M of venture capital and corporate funding.
"We are pleased to receive this financing, which will support our business objective to become the new media infrastructure for content providers and distributors with business models that include streaming media to digital television, HDTV and beyond," said Lawrence Kaplan, president and CEO of Omneon. "This funding will help advance the VIDEO AREA NETWORK" that can openly support multiple formats, applications and transmission standards for television and Internet applications."
"Intel is supporting the hardware system Omneon has created for a VIDEO AREA NETWORK because of the advanced technology and open architecture used that embrace the philosophy of leadership through standards-based platforms," said John Hull, director of Intel Communications Fund. "Omneon will help companies create and deliver a `rich media' experience for television, film, and the Internet. Intel is committed to supporting companies that show promise of delivering the most technologically advanced and adaptable platforms."
Omneon customers are content producers and distributors who recognize the need to more effectively produce content and manage multiple distribution channels--including the Internet. Producers and distributors need a networking and storage infrastructure that enhances the production and compiling of content for any form of distribution. A VIDEO AREA NETWORK is the operating platform for the next generation of content production and distribution.
The VIDEO AREA NETWORK integrates networking and storage. It enables customers to route, store and share digital audio, video and any type of related data throughout and among facilities. Omneon products include packet switches, network interfaces, storage systems, and software that together form the VIDEO AREA NETWORK.
Omneon products are shipping and the company has demonstrated success. The company won industry recognition from press and customers worldwide with recent demonstrations. Video Systems magazine announced Omneon as a year 2000 Vanguard Award winner. Broadcast Engineering magazine selected Omneon for its NAB 2000 (National Association of Broadcasters) Pick Hit Award. Omneon received the Mario Award from TV Technology for innovative technology of the year. Millimeter magazine awarded Omneon its Tommy Award (named after famous inventor Thomas Edison) for the invention of the VIDEO AREA NETWORK. Television Broadcast magazine chose Omneon Video Networks for the (NAB '99) Editors' Pick of Show award.
About Omneon Video Networks
Omneon Video Networks provides networking and storage infrastructure for new media. Omneon systems are used by content producers and distributors in the converging industries of television and the Internet. Omneon has created a system of products that make up a VIDEO AREA NETWORK", a scalable system based upon an IEEE 1394 networking architecture and Fiber Channel storage providing an integrated networking and storage platform. The VIDEO AREA NETWORK enables facilities to ingest, route, store, share and distribute digital media--comprised of audio, video, and any type of related data. Omneon Video Networks, headquartered in Sunnyvale, Calif., is privately held and funded by prominent venture capital firms. Omneon's web site is www.Omneon.com Omneon Video Networks and VIDEO AREA NETWORK are trademarks of Omneon Video Networks, Inc. Additional company and product names may be trademarks or registered trademarks of the individual companies and are respectfully acknowledged.
About Meritech Capital Partners
Meritech Capital is a late-stage venture capital fund that was co-founded and sponsored by five leading venture firms: Accel Partners, Brentwood Venture Capital, Oak Investment Partners, Redpoint Ventures and Worldview Technology Partners. Meritech is capitalized at $1.1 billion. Meritech seeks to lead investments in later stage information technology companies from the Accel, Brentwood, Oak, Redpoint and Worldview portfolios. The company pursues traditional growth companies as well as co-investments in corporate buy-outs and spin-offs of information technology companies alongside the sponsor funds. Investments are typically in companies with proven technology, market-tested business models and seasoned management teams. Meritech focuses on several technology sectors: wireline and wireless communications equipment and services as well as Internet enabling technologies and services.www.meritechcapital.com
About Chase H&Q
Chase Capital Partners (www.chasecapital.com) is a global partnership with approximately $20 billion under management. It is a leading provider of private equity and has closed over 1200 individual transactions since its inception in 1984. CCP has over 150 investment professionals in seven offices throughout the world. Its primary limited partner is The Chase Manhattan Corporation, one of the largest bank holding companies in the United States. www.hamquist.com
About Thomas Weisel Partners
Thomas Weisel Partners is a solely focused research-driven merchant bank providing investment banking, institutional brokerage, private client services, private equity investing and asset management for transforming growth companies. The Firm's distinctive competence is combining deep domain expertise with bulge bracket execution capability. The team at Thomas Weisel Partners has over 750 employees, including 68 partners, and is headquartered in San Francisco with additional offices in New York, Boston and London. For more information about the firm, please visit the website at www.tweisel.com
About Norwest Venture Partners
Norwest Venture Partners, founded in 1961, is the premier venture capital business partner for emerging growth IT companies. The firm actively manages $850 million in investments, and has raised more than $1 billion since its inception. Norwest Venture Partners has a broad information technology investment focus, including software and the Internet, data communications, telecommunications, semiconductors and subscriber-based services. Information on Norwest Venture Partners is available on the Internet at www.norwestvc.com or by calling 650/321-8000 (Palo Alto) or 781/237-5870 (Boston).
About Lucent Venture Partners
Lucent Venture Partners, Inc. was formed in February 1998 by Lucent Technologies as a venture capital fund. With over $100 million committed in LVP Fund I, the fund invests in early-stage technology companies in high growth communications areas such as wireless, data networking, semiconductors, communications software and professional services. The firm has offices in Murray Hill, N.J. and Palo Alto, Calif. More information about Lucent companies is available at www.LucentVenturePartners.com
About The Ignite Group The Ignite Group is a Redwood City, Calif.-based venture capital and consulting firm. Ignite Group focuses on making information technology venture investments and providing senior management counsel for U.S. and Asian high technology companies. For more information, check www.ignitegroup.com
About Accel Partners Accel Partners is a Palo Alto, Calif. venture capital firm dedicated to partnering with outstanding management teams to build world-class companies. Accel concentrates the investment of over $800 million under management in the areas of communications and Internet/Intranet in order to be highly responsive to new companies in target markets. Their contributions extend well beyond financing and include strategic guidance, business development and partnering. Information on Accel Partners is available at www.accel.com
About Mayfield Fund Mayfield Fund is a private venture capital partnership based in Menlo Park, Calif. Since Mayfield's founding in 1969, the firm has invested in more than 300 companies and has taken approximately 80 companies public. Today, these Mayfield-backed companies represent an aggregate market value of more than $100 billion. Mayfield focuses on companies with unique, technology-driven products and services that address well-defined needs in rapidly growing markets. Mayfield Fund specifically seeks entrepreneurs whose companies have the potential to achieve a market capitalization of more than $200 million in five years. For more information, visit Mayfield's web site at www.mayfield.com
About Intel Capital
Intel Capital, Intel's strategic investment program, focuses on making equity investments and acquisitions to grow the Internet economy, including Internet infrastructure, content and services in support of Intel's strategic interests. In Europe Intel Capital invests through Intel Atlantic Inc., a subsidiary of Intel Corporation. www.intel.com/capital
Omneon Video Networks
Laura Whitaker, 408/558-2113
Mark Phillimore, +44.1329.833.865