SOURCE: Frame Media, Inc.

November 08, 2007 09:00 ET

Frame Media Receives $2 Million in Series A Funding

New Funding Will Enhance Product Development and Increase Company's Growth

BOSTON, MA--(Marketwire - November 8, 2007) -


NEWS FACTS

Frame Media, Inc. (www.framemedia.com), the leading provider of software and content for wireless digital picture frames, today announced it has secured $2 million in series A funding. Funding was co-led by CommonAngels and Longworth Venture Partners.

FrameChannel, Frame Media's leading Web-service platform, enables wireless digital frame owners to program the delivery of dynamic content from a number of different sources. Users have the ability to select, program and manage personal photos, along with content from hundreds of content feeds including sports, traffic and entertainment news. According to a recent IDC study, "the 2.8 million digital frames sold in 2006 are predicted to grow to 42.3 million units by 2011, most of which will be Wi-Fi enabled."(1)

Frame Media will use the capital to advance its position as the leading Web platform to manage content for wireless digital picture frames. Frame Media is currently working with a number of major frame manufacturers and semiconductor companies to ensure their products will be compatible with FrameChannel in time for the holiday season. Additionally, this funding will allow Frame Media to begin a hiring initiative. The company expects to expand its workforce across all departments.

Frame Media also announced the addition of Jim Savage, partner at Longworth Venture Partners, Thomas Burgess, founder of Third Screen Media, and Mike DiFranza, president and founder of Captivate Networks to its board of directors.

QUOTES

"This funding validates the emergence of a new technology category -- wireless photo frames. We are focused on providing software, content and infrastructure to this large new category." -Alan Phillips, co-founder and CEO of Frame Media.

"Burgess, DiFranza and Savage are all new-media icons who will provide direction and advice on the company's expansion, including forging relationships with new content providers and constructing innovative monetization angles." - Jon Finegold, co-founder of Frame Media.

"We are constantly looking for cutting edge companies with leadership positions in markets poised for explosive growth. Frame Media fits the mold with its FrameChannel service." - Jim Savage, partner at Longworth Venture Partners.

"With the addition of Wi-Fi capabilities in digital picture frames, Frame Media has found a way to accelerate the transformation of these devices into the home's next information appliance," said Thomas Burgess, founder of Third Screen Media. "Frame Media has a bold plan for digital picture frames and a seasoned executive team to carry it out."

EXECUTIVE BIOGRAPHIES

Jim Savage, Partner of Longworth Venture Capital, Member of Frame Media Board
Before Longworth, Jim Savage spent 20 years successfully developing, launching and managing early stage software and media companies. As CEO of PlanetAll, Inc., a pioneering social networking service, Jim directed the company from its early venture-funding phase through its successful acquisition by Amazon.com. Previously, Jim was the founding General Manager of ZDNet, the Web's leading IT media company, acquired by CNET for $1.3 billion. Before ZDNet, Jim was an executive vice president at Simon & Schuster/Prentice Hall, where he directed the online publishing activities of its legal publishing division. Jim started his career managing digital media initiatives at McGraw-Hill.

Jim represents Longworth on the boards of directors of Innovectra, Scrapblog, TrueAdvantage and Voxant. In addition, he serves on the boards of the Massachusetts Innovation & Technology Exchange (MITX) and Boston's Museum of Science. Jim graduated from Harvard University.

Thomas Burgess, Founder of Third Screen Media, Member of Frame Media Board
Thomas Burgess is the founder and former chief executive officer of Third Screen Media, which was recently acquired by AOL. During his tenure there, he was responsible for leading the senior management team with particular focus on the company's overall business development, marketing and sales strategy. Prior to Third Screen Media, Thomas served as president of Internet portal CollegeLink.com, Inc. purchased by Monster.com early in 2001. Prior to that, he served as CEO of 9th Square, Inc. (currently Bluestreak.com, Inc.), an Internet e-commerce and advertising software and services company that he co-founded, angel financed and guided through successful initial product development and market launch. Before that, Thomas held senior management and sales positions in the interactive marketing and telecommunications industries. Thomas has a BA from Providence College.

Mike DiFranza, President and Founder of Captivate Networks, Member of Frame Media Board
Mike DiFranza is the president and founder of Captivate Network, the national news and entertainment network that delivers quality programming and advertising to a highly desirable and targeted audience during the workday. As a pioneer in the out of home video advertising market, Mike identified the shifting media consumption habits of consumers and the growing need for marketers to reach these consumers in the daily flow of their lives. Mike led the sale of Captivate to Gannett in 2004. Prior to founding Captivate, Mike served as the director for the Eastern U.S., Canadian, and Latin American Business Units for Mentor Graphics. In that role, he supported the development of underlying technology for the media and telecommunications industries. Prior to his position with Mentor, Mike held various positions with Metheus Corporation and GCA Corporation. Mike holds a BS in engineering and computer science from Northeastern University and is a graduate of the Harvard Business School's Program for Management Development.

ABOUT FRAME MEDIA, INC.

Frame Media is the leader in content and tools for wireless digital picture frames. Its flagship product, FrameChannel, can be branded and customized to work with any Wi-Fi enabled photo frame or connected gadget, transforming these devices into dynamic information appliances. With FrameChannel, a frame owner can program a unique stream of content that is updated dynamically, marrying their own photos with fresh content from a library of hundreds of channels including news, sports, weather, traffic, stock quotes, horoscopes and imagery from leading photographic collections. The user selects the channels they are interested in, sets the rules for each channel and the frame updates continually with entertaining and informative content fed directly to their wireless frame. For more information please visit www.framemedia.com. Frame Media can be reached at info@framemedia.com or 617-301-8918.

(1) IDC, "Digital Frame 2007-2011 Forecast: Reigniting Softdisplay Imaging Solutions," Doc # 208307, August 2007.