TargetCast Networks Attracts New Venture Capital Round of $6.5 Million From Claremont Creek Ventures and DFJ
SAN RAMON, Calif., Sept. 30 /PRNewswire/ -- TargetCast Networks, a purveyor of out-of-home digital TV advertising, announced today that it received $6.5 million in its second formal round of venture capital funding from Claremont Creek Ventures and Draper Fisher Jurvetson.
TargetCast previously raised $6.3M in a Series A investment led by Claremont Creek Ventures in September 2007. To date, the company has raised $12.8M.
Jerry Hall, president and CEO of TargetCast Networks, said the funding will be used to fuel expansion of the company's advertising network and to cultivate strategic partnerships to sell advertising and to build an internal advertising sales team. "Each of our investors has an impressive track record in identifying and supporting promising new media platforms," said Jerry Hall. "In addition, they understand that our superior domain experience and patented technology positions our company as a leader at a critical time in the media industry," Hall added.
"TargetCast is the leader in a growth category where marketers are seeking effective new media options as traditional media continues to decline. TargetCast's management team clearly understands the media business today, and we see the company's enormous potential," said Nat Goldhaber, managing director of Claremont Creek, a seed and early stage venture firm.
In tandem with the new round of funding, John Fisher, managing director of Draper Fisher Jurvetson, joins the TargetCast board of directors. The other members of the board are Claremont Creek's Managing Director, Nat Goldhaber and Principal, Paul Straub; TargetCast CEO, Jerry Hall, and Dr. Peter Sealey, former chief marketing officer of Coca Cola and a prominent advertising media expert.
"The combination of TargetCast and Ripple has produced an out-of-home digital media advertising platform of significant scale that is now very appealing to both national and local advertisers who are trying to catch the attention of our on-the-go population," stated John Fisher, new TargetCast Board member and Managing Director of Draper Fisher Jurvetson. "The giant sucking sound of media dollars draining out of traditional print media and into the digital realm is proof of the attractiveness of this contemporary advertising medium," Fisher added.
About TargetCast Networks
TargetCast Networks, based in San Ramon, California, is the developer and purveyor of breakthrough digital technology that lets venue operators create and post their own custom-designed promotional messages on TV sets their customers in their establishments. It also provides local, regional and national advertisers with the ability to reach their target audience with customized TV advertising on customized display screens at a fraction of the cost of traditional broadcast buys. (www.targetcast.com)
About Claremont Creek Ventures
Claremont Creek Ventures ("CCV"), is a seed and early stage venture capital firm investing in technology companies specifically in the energy conservation/management systems, security and IT healthcare markets. CCV works in partnership with entrepreneurs and local technology institutions including UC Berkeley, UC Davis, and the Lawrence Livermore and Berkeley Laboratories to turn innovative ideas into great products and companies. Claremont Creek's East Bay location provides unique access to this entrepreneurial community and the excellent research-driven "incubating institutions." CCV has $305 million of capital under management in two funds whose limited partners include some of the leading academic institutions based in the U.S. Recent investments include: Adura Technologies, Shotspotter, Gene Security Networks and PropertyBridge, recently acquired by MoneyGram. For more information please go to (www.claremontvc.com)
About Draper Fisher Jurvetson
Draper Fisher Jurvetson (DFJ) , a global venture capital firm headquartered in Menlo Park, Calif., has a 24-year history and offices in China and India, as well as in Menlo Park and New York City. It has backed more than 500 companies, including Baidu, Hotmail, Skype, Overture, Athenahealth, TicketsNow, Interwoven and Feedburner. (www.dfj.com)
SOURCE TargetCast Networks