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Sling Media Receives $10.5 Million in Series A Funding from Mobius Venture Capital
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Added: 11/09/2004
Type: Summary
Viewed: 580 time(s)
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Sling Media Receives $10.5 Million in Series A Funding from Mobius Venture Capital
San Mateo, CA November 9, 2004 -- Sling Media, Inc., a new kind of consumer electronics company creating thoughtful and innovative digital media solutions that empower consumers, announced today that it has received $10.5 million in Series A funding from DCM - Doll Capital Management, Mobius Venture Capital and undisclosed strategic investors. Terms of the investment were not disclosed.
The company is gearing up for its first product introduction -- The Slingbox Personal Broadcaster. The Slingbox is an intelligent device that allows users to enjoy their entire live TV experience from any device, via any network, anywhere in their home or around the world. The Slingbox connects to and “placeshifts” content from any cable box, satellite receiver, or personal video recorder (e.g. TiVo). The first sneak preview of the Slingbox occurred this past June at the Wall Street Journal’s “D: All Things Digital” conference where it was exceptionally well received. Sling Media anticipates the introduction of the Slingbox Personal Broadcaster during Q1 2005.
“We are pleased to be able to play a role in bringing to market one of the brightest companies on the technology horizon today,” said Ryan McIntyre, principal at Mobius Venture Capital. “Sling Media is approaching digital convergence from a unique perspective and is committed to creating a more liberating consumer digital technology experience.”
“We invested in Sling Media because we believe the company's technology finally offers consumers an easy way to view or listen to their favorite recorded and live television programs via any Internet-connected device," said David Chao, Managing General Partner of DCM. "DCM is thrilled to be an investor and a partner of this management team that is committed to delivering one of the first true killer-applications for the ubiquitous broadband market."
Sling Media was founded in 2004 by brothers Blake and Jason Krikorian, and Bhupen Shah. Shah, who previously founded pioneering digital media companies Dazzle and Emuzed, brings more than 22 years of experience in consumer technology products. Blake Krikorian began his career at General Magic, which created the Magic Cap operating system for mobile intelligent communicators. Blake later co-founded the Philips Mobile Computing Group, a company funded by Philips Electronics. Jason Krikorian’s career started at Wilson Sonsini Goodrich & Rosati, where he worked in corporate securities law. Subsequently, Jason moved to The Boston Consulting Group, where he advised Fortune 500 companies in the automotive and retail arenas. Blake and Jason’s most recent venture, id8 Group, was a leading industry consultancy that advised and defined digital media products for AOL, Microsoft, Hitachi and others, ranging from digital imaging to mobile entertainment devices and smart phones.
“An enormous gap exists between what is possible with today’s digital entertainment technology and its usability by consumers. It is our position that CE should stand as much for consumer experience as it does for consumer electronics,” remarked CEO Blake Krikorian. “We founded Sling Media to deliver on the promise of the digital media lifestyle, and to provide thoughtfully-executed solutions that enhance our customers’ lives. We are delighted to have assembled such forward-looking investors who join us in our mission to vastly improve the consumers’ digital technology experience.”
About Sling Media
Sling Media, Inc., based in San Mateo, CA, is a new kind of consumer electronics company working to demystify convergence technologies and to create empowering experiences for the digital media consumer. The focus of Sling Media solutions is to embrace - not replace - existing products and standards, enhancing them with hardware and software that will greatly improve consumers’ usage experience. For more information about Sling Media, visit www.slingmedia.com.
About DCM-Doll Capital Management
DCM is a top-performing venture capital firm supporting entrepreneurs building early stage technology companies. DCM manages over $1 billion and has funded leading technology companies including 2Wire, 51job (Nasdaq: JOBS), About.com (Primedia), Foundry Networks (Nasdaq:FDRY), HireRight, Internap (AMEX: IIP), IPivot (Intel), nQuire (Siebel), Recourse Technologies (Symantec), SMIC (NYSE: SMI), Sigmatel (Nasdaq: SGTL), PGP Corporation. DCM offers hands-on operational guidance and access to an extensive network of resources, including close relationships with many of the Pacific Rim's leading companies and investors. Visit DCM's website at www.dcmvc.com.
About Mobius Venture Capital
With offices in Palo Alto, California and Superior, Colorado, Mobius Venture Capital is a $2 billion U.S.-based private equity venture capital firm managed by an unparalleled team of former CEOs and entrepreneurs, technology pioneers, senior executives from major technology corporations, and leaders in the investment banking community. Mobius Venture Capital combines its technology expertise and broad financial assets with the industry's best entrepreneurs to create a powerhouse portfolio of over 100 of the world's leading high technology companies. For more information on the fund's investment team, technology vision and portfolio companies, please visit www.mobiusvc.com.
Contact:
Krause Taylor Associates for Sling Media
Jennifer Henderson
408.918.9085
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