MovieBeam, Inc. Receives $48.5 M in Series A Financing
The Walt Disney Company, Cisco Systems and Intel Corporation Invest in a new Digital Entertainment Venture Launches with $48.5 Million in Series A Financing through its leading investment arm Intel Capital
The Walt Disney Company, Cisco Systems and Intel Corporation announced they have invested in MovieBeam, Inc., a newly formed digital entertainment venture. The series A financing round, worth a total of $48.5 million, includes additional investment from tier-one venture capital firms the Mayfield Fund, Norwest Venture Partners and VantagePoint Venture Partners.
MovieBeam is primed to noticeably improve consumers� movie-rental experience with its movies-on-demand service that are present today across most major metro areas in the U.S. MovieBeam�s unique mix of breakthrough rights, technology, relationships and assets combined with the anticipated continued growth in the popularity of consumer electronics devices and alternative content distribution channels is persuasive to the new investors.
MovieBeam services the market of Movie rentals and provides a compelling alternative to other movie-rental options. The MovieBeam movies-on-demand service provides instant access to an ever-changing lineup of new releases and popular favorites from virtually every major Hollywood studio.
�Digital technology is changing the face of entertainment, which is helping to transform peoples� lifestyles and create exciting new business opportunities,� said Paul Otellini, president and CEO of Intel Corporation. �As the lines between computing and consumer electronics devices continue to blur, it is imperative that high-quality premium content be readily available and accessible. Such new services as MovieBeam are helping to deliver on this vision by providing consumers with greater choice and control over how they enjoy digital entertainment."
�There is a transition happening in the home entertainment market as consumers are moving toward platforms that provide on-demand access to content,� said John Chambers, president and CEO of Cisco Systems, Inc. �The convergence of traditional consumer electronics products with home networking technologies allows for the creation and deployment of new entertainment services that will give consumers greater control and a richer user experience. As MovieBeam continues to expand its offerings there will be a range of opportunities for collaboration to jointly deliver on this vision."
�Consumers have come to expect entertainment content when, where and how they want it, and with its increased reach, enhanced technology and support from investors like Cisco and Intel, MovieBeam will create that convenience,� said Bob Iger, president and CEO of The Walt Disney Company.
�The caliber of the companies that have invested in MovieBeam is a testament to what we�ve done right so far and the immense opportunity before us now,� said Tres Izzard, president and CEO of MovieBeam, Inc. �MovieBeam is establishing a foothold as an up-and-coming leader in digital entertainment. We�re committed to delivering the highest quality and most convenient movie-rental experience to our customers, which will enable us to grow this business and continue to deliver innovative offerings that change the way people enjoy entertainment at home.�