Javu Completes First Round of Financing

New York-based Javu Technologies (http://www.javu.com) said it raised an undisclosed amount in its first institutional round of financing. Investors are Goldman, Sachs & Co. and MacAndrews & Forbes Holdings, Inc.

One representative from each investor will be joining Javu's Board of Directors.

Javu Technologies is a provider of Web-based video editing technology. It licenses its JavuNet ASP applications to corporate users and other service providers. The company has a showcase sited called VideoFarm.com (http://www.videofarm.com) which lets users post and edit their own streaming media files.

"An investment is always a vote of confidence," commented Javu Technologies' President and CEO, Michael Samoilov. "But with global companies of the caliber of Goldman Sachs and MacAndrews & Forbes backing Javu, we feel that this is a particularly strong endorsement."

Michael also expects Javu to benefit from Goldman Sachs' industry connections, and those of MacAndrews & Forbes, which owns Panavision, the largest supplier of film equipment to the entertainment industry.

"Javu is far and away the technology leader in online content creation systems," said Richard Fishman, Executive Vice President at MacAndrews & Forbes. "Video on the Web is really taking off, and Javu is at the right place at the right time."