Receives $3.5 in Second Round Investment from Edison Venture Fund and
West Trenton, N.J.—May 5, 2006— dotPhoto, a leading provider of photo, video, and multimedia sharing and storage applications and services for wireless and online users, announced the closing of a $3.5 million second round equity commitment from Edison Venture Fund and Sycamore Ventures. This brings the cumulative investment from the two investors to $7.5 million.,
“dotPhoto is poised for rapid growth in this emerging market,” commented Chris Sugden, Edison Partner and member of dotPhoto’s Board of Directors. “The recently expanded management team will capitalize on dotPhoto’s innovative technology and successful business model.”
This second equity round is part of an ongoing funding and strategic growth plan for dotPhoto, which may include additional equity and debt financing. dotPhoto will utilize the current proceeds to support the further enhancement of its business development and marketing programs. The company has recently made significant investments in the expansion of its executive team with the appointments of Jiren N. Parikh to Vice President and GM – Wireless and Fred King to Vice President and GM – Web. Additionally, it has expanded its reach internationally.
“This second round of investment is a true vote of confidence from our investors,” said Ivan Ruzic, President and CEO of dotPhoto. Ruzic, who is also an investor in this round, said “Edison and Sycamore are the ideal equity partners. Their industry-sector experience, network of contacts, and value-added services have contributed significantly to dotPhoto’s progress.
dotPhoto has recently made rapid advances in both its wireless and Web divisions. The company announced the re-launch of dotPhotoPro.com, its Professional photo-sharing Website, and the launch of a comprehensive new portfolio of photo-sharing applications for the global wireless industry, which features signature applications, Pictavision® and ‘My’ Brands. A recent partnership with Webshots, the world’s most popular photo sharing site, launched Pictavision for Webshots on a number of US carriers, allowing camera phone users the ability to access Webshots from their mobile devices.
About Edison Venture
Edison’s 18 investment professionals are based in Lawrenceville, NJ, West Chester, PA, and McLean, VA. Industry specialties include application
software, communications, financial services, healthcare and pharmaceutical IT
and electronics. Edison’s successes include Act!, Axent, BTG, Dendrite, DPM, EIS, E-Transport, Liberty
Technologies, Marcam, Visual Networks, Vocus, and many other information
technology leaders, which have a combined market value exceeding $5 billion. Edison currently has $450 million under
management and is actively making new investments.
About Sycamore Ventures
In August 1995 Sycamore's managing partners spun out of Citicorp Venture Capital Ltd. where they had aggregate investment experience of more than 45 years. Today, Citigroup remains one of its largest investors.
From its offices in Princeton, Silicon Valley and Asia, Sycamore manages more than $550 million in committed capital. Its typical investment ranges from $5 million to $15 million, distributed over several rounds of financing as a company achieves key milestones.
The company leverages entrenched relationships in Asia to provide unparalleled access to Asian markets and leading Asian corporations. While providing superior return to limited partners is the top priority, Sycamore also strives to bring its culture of fairness and consistency to every situation.