Startup Aims to Redefine TV Experience
ATLANTA, March 17 /PRNewswire/ -- Clearleap, a new video technology
company based in Atlanta, has closed its first round of venture capital
funding. Industry leaders Trinity Ventures of Menlo Park, California and
Noro- Moseley Partners of Atlanta, Georgia co- led this $9 million
investment.
(Logo: http://www.newscom.com/cgi-bin/prnh/20080317/CLM047LOGO )
Named to Clearleap's Board of Directors are Trinity Ventures' General
Partner Fred Wang, and Alan J. Taetle, General Partner at Noro-Moseley
Partners. Among those taking a minority stake are Jim Chiddix, former CTO
of Time Warner Cable, and Sig Mosley, President at Imlay Investments, Inc.
"Financial backing from industry leaders like this will help us more
quickly deliver the next generation television experience," said Braxton
Jarratt, co-founder and CEO of Clearleap. "We welcome Alan and Fred to our
Board, and look forward to the impact they will have on Clearleap's
success."
Clearleap develops technologies that will expand viewer options for
"what's on TV," creating a new model that brings the breadth and diversity
of internet video to the convenience and quality of TV. Clearleap was
co-founded by Braxton Jarratt and John Vecchio, veterans of venture funded
N2Broadband, a video pioneer acquired by Tandberg for $120 Million in 2005.
Both held executive positions at Tandberg Television (an Ericsson company),
and Jarratt held senior positions at Cox Enterprises and Vecchio at
Scientific Atlanta (now a part of Cisco).
"We are impressed by Clearleap's pioneering approach to video delivery
- a market with tremendous year-over-year growth and great opportunity,"
said Fred Wang, General Partner at Trinity Ventures, and member of Forbes'
Midas List in 2008. "Trinity is excited to be a part of a venture that will
have a huge impact on media and entertainment." Clearleap is the first
Atlanta-based investment made by Trinity Ventures.
"Braxton and John are cutting a new path at an important time in the
evolution of the internet and TV," said Alan J. Taetle, General Partner at
Noro-Moseley Partners. "We're happy to back these proven leaders, and
excited to again have Atlanta at the center of great television
technology."
In addition to Mr. Taetle's Board role, Greg Foster, former VP
Corporate Development at Turner Broadcasting and new General Partner at
Noro-Moseley, will take an active role in advising the company.
About Trinity Ventures
Trinity Ventures, a 21 year veteran in the venture business with more
than $1 billion under management, partners with exceptional entrepreneurs
to build great companies. Trinity Ventures focuses on early-stage
technology investment opportunities with a particular emphasis on the
Digital Media, Internet Services, Mobility, Security and Software markets.
Trinity has invested in well over 100 ventures. For more information, visit
http://www.trinityventures.com.
About Noro-Moseley Partners
Founded in 1983, Atlanta-based Noro-Moseley Partners (NMP) is one of
the largest and most experienced venture capital firms in the southeastern
United States. NMP has created five limited partnership funds totaling
approximately $580 million in capital and has invested in approximately 160
companies. NMP invests primarily in Southeastern-based, early and
established growth stage companies. Industries of interest include
technology, healthcare and business services. For more information, visit
http://www.noro-moseley.com.
About Clearleap
Established in 2007, Atlanta-based Clearleap develops and markets
technologies that greatly expand consumer options for "what's on TV." The
Company works with video content owners and cable, satellite and IPTV
companies, offering a new model of video delivery technologies and services
that profoundly improve the television experience. For more information,
visit http://www.clearleap.com.
Contact:
Ann Revell-Pechar, Revell-Pechar Inc.
404-550-0802; ann@revellpechar.com
Available Topic Expert(s): For information on the listed expert(s),
click appropriate link.
Braxton Jarratt
http://profnet.prnewswire.com/Subscriber/ExpertProfile.aspx?ei=74693
SOURCE Clearleap
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Related links:
http://www.trinityventures.com
http://www.noro-moseley.com
Photo Notes:
NewsCom: http://www.newscom.com/cgi-bin/prnh/20080317/CLM047LOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
CONTACT:
Ann Revell-Pechar, Revell-Pechar Inc.,
+1-404-550-0802, ann@revellpechar.com, for Clearleap
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