Softcom Gets $22 Million in Second Stage Funding
A day after announcing a deal with RealNetworks, softcom (http://www.softcom.com), a provider of Java-based interactive video technologies, said it has completed a $22 million second round of venture financing from a group of institutional and private investors led by J.W. Seligman. Allen & Company, which acted as financial advisor to softcom, also invested in this round of financing.
softcom created its MediaPlatform technology which adds Java applets to streaming video. This adds a highly interactive and dynamic experience that can enable new forms of e-commerce, advertising, information, chat and more.Yesterday softcom announced that RealNetworks has integrated MediaPlatform into RealNetworks' RealSystem G2.In yet more news, Home Box Office announced that HBO.com will use softcom on its "Family Tree" video portion of the network's hit TV series "The Sopranos."
According to softcom Chairman Mark Lieberman, "This funding will clearly accelerate softcom's growth strategy at a time when entertainment and media companies such as Time Warner are exploring new ways to digitally distribute and `monetize' video. We are excited to have the backing of J.W. Seligman, Tudor Private Equity, Allen & Company and other industry leaders, as well as distribution and marketing agreements with RealNetworks and Sun Microsystems. The market muscle this financing brings will help softcom continue its rapid emergence as a leader in bridging the gap between entertainment and the Internet."
In addition to J.W. Seligman and Allen & Company, participants in the private investment group include: Tudor Private Equity Fund; Chilton Capital Management; Warburg Pincus Asset Management; Michael Price; and Essex Investment Management Co., as well as select individuals. Also participating are previous First Round investors in the company, including PS Capital Ventures, LLP; Mitchell & Co., Ltd.; and Ramsey Beirne
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