RGB Networks Continues Expansion with New $20 Million Round of Funding
Institutional Venture Partners Leads RGB’s Latest Funding Round
SUNNYVALE, CA – April 14, 2008 – RGB Networks, the leader in network video processing, today announced it has raised an additional $20 million in funding, resulting in a company valuation of $200 million – an 82 percent increase over its $110 million valuation in June 2006.
This funding round was led by RGB’s newest investor, Institutional Venture Partners, a recognized leader in the venture capital industry which specializes in later-stage funding for leading U.S. technology companies. Also participating in this round are RGB’s earlier investors: Accel Partners, Comcast Interactive Capital, Kleiner Perkins Caufield & Byers and Focus Ventures.
“RGB Networks’ combination of cutting-edge technologies, innovative products and increasing market share are what we look for in the companies we invest in,” said Stephen J. Harrick of Institutional Venture Partners. “With its established and growing customer base of leading cable television operators and telecom carriers, RGB Networks is poised to significantly expand its market presence worldwide.”
“This latest round of financing and the company’s valuation are recognition of the innovation and revenue growth that RGB Networks has demonstrated. This is particularly noteworthy for a young company in the current business climate, and is a tribute to their superb technical team and their experienced management,” said William R. Hearst III, Partner, Kleiner Perkins Caufield & Byers.
RGB’s digital video products dramatically lower the cost for cable, telecom and other video service providers to deliver programming and advertising that is increasingly more targeted to individual subscribers.
RGB’s products have been accepted by operators worldwide who are using our advanced solutions to generate more advertising revenue and to maximize their bandwidth for the delivery of more high-definition and digital programming,” said Jef Graham, CEO of RGB Networks. “This new funding will help us build on our success, providing the resources for aggressive expansion of our staffing, product lines and market presence.”
About Institutional Venture Partners
With more than $2.2 billion of committed capital, Institutional Venture Partners (IVP) is one of the premier later-stage venture capital firms in the United States. Founded in 1980, IVP invests in venture growth, industry consolidations, recapitalizations and select public market transactions. During its 26-year history, IVP has invested in over 200 companies – with more than 80 IPOs. It has consistently delivered superior returns to investors with a 26-year internal rate of return of 43.2%. Since its inception, IVP has invested in such notable companies as Altera (ALTR), Aspect Communications (ASPT), Atmel (ATML), Borland (BORL), Cirrus Logic (CRUS), Clarify (CLFY), Concur Technologies (CNQR), Form Factor (FORM), Foundry Networks (FDRY), Juniper Networks (JNPR), LSI Logic (LSI), Netflix (NFLX), Polycom (PLCM), Seagate (STX), Synchronoss (SNCR), and Tivo (TIVO).
IVP has offices in Menlo Park and San Francisco, California. IVP’s website is www.ivp.com.
About RGB Networks
RGB Networks delivers extremely high-density, flexible video processing solutions that enable video service providers to deliver highly targeted and personalized video content at considerably lower costs than conventional solutions. Based on its unique Video Intelligence Architecture™ (VIA), RGB’s VIA product family simplifies management and delivers scalable, multi-function capability in a single, programmable platform, allowing video service providers to leverage existing infrastructure, while building an advanced foundation to meet the needs of the rapidly growing market for personalized video services.
For more information about RGB Networks and its unique video processing solutions, please visit www.rgbnetworks.com.
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