New and Existing Investors Support International Market Growth,
Bolster New Efforts In Expanding Telco and Cable Markets
London, UK – July 12, 2004 – In a strong vote of confidence from the investment community, KasennaÒ, the acknowledged market leader in broadband video solutions, today announced that it has completed a new $15 million round of private equity investment. The cash infusion will enable the company to further accelerate its expansion into cable and telco service provider markets around the world. Key Ventures led the round while another new investor, AsiaTech Management, and previous investors (including US Venture Partners, Alloy Ventures, OM Technology Investments Partnership, Artiman Ventures, CIR Ventures, and The Entrepreneurs’ Fund) also joined in the funding, which will take Kasenna well into profitability with cash reserves to enable the company to capitalize on opportunities in the rapidly consolidating vendor landscape for Video over IP.
“IP video is the future of television, and Kasenna is the leading vendor in the space,” said Ted Mocarski, managing director at Key Venture Partners in Waltham, MA. “We believe Kasenna is at the beginning of a phenomenal growth curve as it moves further into the telco and cable provider markets. As the first new vendor to penetrate the cable MSO market in years, it has a strong position over its competitors.”
Kasenna has been steadily increasing its momentum in recent months, with the announcement of two new major product line extensions – vFusion™ and vForge™ – along with the acquisition of ViewNow’s content resources and studio relationships, new partnerships with SecureMedia, and customer wins that include Charter Cable, PrairieWave Communications, and Iowa Networks. With its new products and the ViewNow acquisition, Kasenna is now the only IP video player that offers a truly turnkey deployment option that includes popular video content as well as all of the hardware and software infrastructure needed to distribute video to subscribers’ set top boxes.
“Kasenna is already the global leader in the broadband video service provider market. This new financing confirms our end-to-end IP video solution strategy and solidifies our financial strength,” said Mark Gray, Chairman and CEO of Kasenna. “We will continue to aggressively expand our offerings in the broadband service provider and hospitality markets, as well as increase our market share of video on demand solutions in the cable market.”
AsiaTech Management, the other new investor in the round, has strong connections in the Asia-Pacific markets where broadband penetration is higher than in any other area of the world, and where Kasenna does roughly a third of its business. “Kasenna is well known throughout the Asia-Pacific region as the leading provider of IP video systems, and we believe that this investment will further solidify its market position and enable it to take advantage of many new market opportunities in China, Korea, Japan, Australia, and other countries,” said Elise Huang, principal of AsiaTech Management in Santa Clara, CA.
Kasenna is video with vision. As the acknowledged market leader in IP video delivery, the company has focused on open standards and an intelligent management infrastructure which allow service providers, enterprises, and other organizations to build commercial-grade IP video networks that support new and emerging video services. With its May 2004 acquisition of ViewNow, Kasenna offers network operators the industry’s only turnkey source of IP video infrastructure, applications, and VOD programming for video services. Kasenna's patented software technology has been proven with thousands of successful and profitable telecom, cable, hospitality, enterprise, education, and government deployments worldwide. Kasenna is headquartered in Mountain View, California and is privately held. For more information, please visit www.kasenna.com.
About Key Venture Partners
Key Venture Partners, a Waltham, MA-based venture capital firm, provides expansion stage capital for entrepreneurial information technology companies, placing special emphasis on software, communications and technology-enabled business services enterprises that have capital-efficient business models and can become industry leaders in rapidly growing markets. Key Venture Partners, typically acting as lead sponsor, invests $3-10 million in companies that serve proven markets with products already generating revenue, demonstrate sustainable competitive differentiation, and provide an immediate tangible value proposition to customers. With over $175 million under management and investment experience at varying stages of development-startup, growth, and buyout financing, Key Venture Partners combines significant capital resources with managerial, financial and technical experience and corporate contacts to create value for its portfolio companies. For more information on Key Ve
nture Partners, please visit http://www.keyvp.com.
About AsiaTech Management
AsiaTech Management, headquartered in Santa Clara, Calif. and Taipei, Taiwan, is backed by Asia-based multinational companies, financial institutions and governments. AsiaTech invests in Silicon Valley companies and helps them to expand into the burgeoning Asia Pacific market through its extensive networks in the industry and local government. Companies that AsiaTech has helped to build include: NetScreen Technology, Abovenet Communications, CenterRun, NetLogic Microsystems, Everypath, WIDCOMM, Intoto, Protego Networks, Reflectivity. For more information, please visit www.asiatechventure.com.
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