SOURCE: GalleryPlayer

July 18, 2005 10:00 ET

GalleryPlayer Announces $4.0 Million Financing Led by Menlo Ventures

Company Expanding Distribution, Content and Marketing as Leader in HD Programming

SEATTLE, WA -- (MARKET WIRE) -- July 18, 2005 -- GalleryPlayer (www.galleryplayer.com) today announced it has closed a $4.0 million series B financing round led by Menlo Ventures (www.menloventures.com), one of Silicon Valley's oldest venture partnerships. The funds will be used to fuel distribution and marketing operations and build-out of GalleryPlayer's rapidly expanding list of name-brand collections of the world's finest art and imagery. The funds will also be used to accelerate penetration into both commercial and residential markets, and expand trial and testing of GalleryPlayer with cable and satellite operators. As part of the investment Menlo Ventures takes one seat on the GalleryPlayer board.

GalleryPlayer is the first service to deliver high definition, museum quality art and photography into the residential and commercial markets via cable and satellite. The company also distributes through the Internet via Windows Media Center Edition PCs.

"People continue to purchase products that can display high definition (HD) content but there remains a dire shortage of good content to display. This shortage of content is making it nearly impossible for potential buyers to justify their purchase and it's been a major frustration for those that already have purchased HD equipment. Providing compelling content that buyers can use to show off their new HD hardware is critical to the enjoyment and success of HD in the world market," said Rob Enderle, principal analyst, Enderle Group.

According to market researcher IDC, the number of flat panel screens is projected to grow to 51 million by end of year 2005, and 370 million worldwide by 2009. Additionally, in the June 21st issue of BroadcastingCable HD Update Newsletter, Norman Bardsley, director of display technology for market researcher DisplaySearch, says that "manufacturing is up 50% from last year" and he "believes that 32" flat panel HDTV's for less than $1,000 this fall (season) will be a common sight. The falling prices could result in more than half of the US Homes having HD receivers by the end of 2006."

"The move towards HD programming and flat panel displays is an undeniable trend in consumer electronics. We found GalleryPlayer well positioned with a fantastic group of brand-name content providers, strong distribution partners, and great team to execute in the creation of this new market," said Shawn T. Carolan, managing director, Menlo Ventures. "When you see the stunning image quality on an HD screen and understand the increasing ease with which these images will flow to the television, it seems inevitable that this type of passive viewing experience will find broad appeal," continued Carolan.

GalleryPlayer provides consumers with access to the world's finest imagery by carefully selecting the best images from among tens of thousands of fine art and photographic digital images. Its content partners include National Geographic, The Time-Life Picture Collection, The Andy Warhol Foundation, Corbis, George Eastman House, Artist Rights Society, and other major museums, brands and collections.

GalleryPlayer includes proprietary and patent-pending HD technology systems and tools used for scanning, developing, curating, protecting, building and delivering high impact HD images. Moreover, its proprietary technology includes a comprehensive DRM (Digital Rights Management), which protects the intellectual property of the imagery for content owners.

"Our vision is to create the premier HD image programming network that delivers the world's finest art and photography to high resolution displays. There is nothing that can match GalleryPlayer broad array of content," said Craig Husa, CEO, GalleryPlayer Media Networks. "GalleryPlayer not only provides significant value for consumers and commercial applications, but more important, it solves the dilemma faced by operators who are scrambling to drive new HD subscribers and meet the growing need for compelling content," continued Husa.

About Menlo Ventures

Menlo Ventures provides long-term capital and management support to early-stage and emerging-growth companies. One of Silicon Valley's oldest venture capital partnerships, Menlo Ventures has organized and managed nine venture funds since its inception in 1976. With over $2.7 billion under management, and a team with over one hundred years of collective experience in technology, marketing, sales and general management, the firm has the resources to support the most ambitious of projects.

About GalleryPlayer

GalleryPlayer is the first digital home gallery service that delivers high definition museum quality art and photography into the home through a variety of distribution platforms including high definition video-on-demand cable networks, as well as the Internet via Windows Media Center Edition PCs. It offers never-before-available, name-brand content that transforms HDTVs and flat panel displays into a digital canvas, providing viewers with a new way to experience the world's finest imagery. For more information visit www.galleryplayer.com

Contact Information

  • Contact:
    Martin Levy
    Martin Levy Public Relations
    Email Contact
    206.851.7256

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