Elemental Technologies Secures $7.5 Million Series B Financing from Leading Investors in the Digital Media Industry
Steamboat Ventures Backs Video Innovator Following Significant Customer Wins
Portland, Ore. — July 27, 2010 — Elemental Technologies, the leading provider of massively parallel video processing solutions, today announced it has raised $7.5 million in Series B financing. Steamboat Ventures, a venture capital firm affiliated with The Walt Disney Company, joined existing venture funds General Catalyst and Voyager Capital in the financing round.
Steamboat Ventures invests in early- to mid-stage, technology-focused companies pursuing opportunities in emerging digital media and consumer technology markets such as EdgeCast Networks and Pure Digital (inventors of The Flip). The investment brings Scott Hilleboe, Managing Director at Steamboat Ventures, to Elemental’s board of directors.
“Steamboat clearly recognizes the opportunities and challenges created by consumers’ insatiable appetite for video,” said Hilleboe. “Elemental’s disruptive video processing solutions are poised to change expectations regarding content delivery to any device or screen with exceptional video quality and unmatched price-to-performance. The company’s technology allows a publish once, display anywhere model, supporting the broadest distribution of rich media.”
Elemental intends to use the capital to expand its business in the United States and internationally as it markets its recently launched Elemental Live and Elemental Server solutions. The company is uniquely positioned to help content owners and distributors efficiently customize and multiply video for delivery to an ever-expanding array of viewing platforms and devices. Customers, including CBS Interactive, News-Press & Gazette and ABC News, use Elemental video processing solutions to create adaptive bit rate streams for a seamless viewing experience over mobile or broadband networks.
“Elemental continues to achieve the major technological and market milestones required to secure our leadership in the future of video delivery,” said Sam Blackman, CEO and co-founder of Elemental Technologies. “We view Scott and Steamboat as the perfect additions to our investment team. With Steamboat’s support, our solutions will enable customers to deliver more content to more people via more devices than ever before.”
About Steamboat Ventures
With offices in Los Angeles, Shanghai and Hong Kong, Steamboat Ventures is a global venture capital fund that invests in digital media, consumer and technology companies in the U.S. and Asia. Steamboat Ventures pursues a distinctive investment strategy, cultivating investment opportunities that are simultaneously financially promising and also possess the potential to have significant strategic interest to The Walt Disney Company. Founded in 2000, Steamboat Ventures has invested in a range of leading digital media and consumer technology companies, including: Fastclick (acquired by VCLK), Iridigm Display Corporation (acquired by QCOM), Pure Digital Technologies (acquired by CSCO), and Quigo Technologies (acquired by TWX). For more information, please visit: www.steamboatvc.com.
Elemental Technologies is the leading provider of massively parallel video processing solutions for broadcast and online video customers. Elemental's products use off-the-shelf, programmable graphics processing units (GPUs) for compute-intensive video processing and conversion tasks. The product line is ideal for digital media workflows that require video encoding for Internet and mobile delivery, faster-than-real-time transcoding, or support for adaptive bit rate distribution. Elemental’s innovative solutions deliver unprecedented price/performance advantages to a variety of customers including broadcasters, online video platforms and content delivery networks. Founded in 2006, Elemental is headquartered in Portland, Oregon. To learn more about Elemental, visit www.elementaltechnologies.com.