Orb Networks Announces First Round Financing
UNION CITY, Calif., October 11, 2004 — Orb Networks, Inc., a developer of streaming media software and services, today announced it has closed its first round of financing in the amount of $4 million from Morgenthaler Ventures. Orb will use this investment to expand sales and support of its initial operations and marketing efforts, and to launch its streaming media software and services that allow people spontaneous access to digital home media.
"Securing this first round of venture backing establishes Orb Networks as an up and coming player in the ever-increasing mobile media market," said James Behrens, CEO, Orb Networks.
"With this financing, Orb will not only offer our streaming media service directly to consumers, but will market our services as an
"ingredient brand" through partnerships. Our business strategy to partner with
major content providers and creators, wireless carriers, electronic distributors
and consumer electronic companies to offer Orb with their packaged solutions
significantly peaked investor interest in the company."
"Orb Networks is pioneering digital media convergence - an area of focus that Morgenthaler has been exploring for a long time as the 'holy grail' for the computing, communications and entertainment industries," said Gary Morgenthaler, general partner, Morgenthaler Ventures.
"With its revolutionary products and services, Orb Networks has an unparalleled
solution that promises access to all kinds of media, all the time."
Orb's groundbreaking streaming media service, also announced today, provides a simple way for consumers to view, hear and control all kinds of their digital content from virtually any Internet-enabled device, from anywhere in the world. Orb's solution provides spontaneous access to a person's music, live television, videos, photos and other digital content from any device that can connect to the Internet, such as a cell phone, PDA, or notebook, allowing users to create their own
"personal media portal."
Orb's solution is the first of its kind to allow consumers spontaneous mobile access to all kinds of their digital media
- securely, through password protected accounts. Using any Web browser, Orb provides a simple, intuitive interface to the user's content located on their home PC or on the Internet. By removing the complexity and limitations of many of today's digital entertainment products and services, Orb's software architecture leverages the best features of today's popular standards while abiding by current digital rights management solutions.
About Morgenthaler Ventures
Founded in 1968, Morgenthaler is a leading, national venture-capital firm with offices in Menlo Park, CA (headquarters); Boston, MA; Boulder, CO; and Princeton, NJ. It focuses its investments in information technology and life sciences. Morgenthaler's most recent consumer-services investments include NexTag and imeem. Morgenthaler has a total of $2 billion under management. Its most recent fund, capitalized at $850 million, was raised in July of 2001. The firm has funded more than 200 companies over its 36-year history.
About Orb Networks, Inc.
Orb Networks delivers powerful mobile services for the fast growing wireless industry. Orb Networks is the first developer of streaming media software and services giving people spontaneous access to digital home media — any kind, at any time, from any location in the world. The groundbreaking Orb Architecture allows users to access music, live television, videos, photos and other digital content from any device that can connect to the Internet, such as a cell phone, PDA, or notebook. Orb Networks develops, licenses and markets its services in partnership with leading content providers/creators, wireless carriers, electronic distributors and consumer electronic companies. As an active participant in the issues affecting digital media, Orb Networks is a member of both the Digital Media Association (DiMA) and the Digital Living Network Alliance (DLNA). Orb Networks is a privately held company located in Union City, Calif. For more information about Orb Networks, please visit http://www.orb.com.
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