FOR IMMEDIATE RELEASE
Connecticut Innovations Provides $1 Million in Venture Financing to Discover Video LLC
New funding enables expansion of products, services and sales
Rocky Hill, Conn., July 18, 2012 – Connecticut Innovations (CI), the state’s quasi-public authority responsible for growing Connecticut businesses through innovative financing tools and assistance, today announced that it has provided $1 million in venture financing to Discover Video LLC of Wallingford, Conn., through its newest funding vehicle, the Venture & Mezzanine Debt Fund. The new funding will enable the company to expand its sales and marketing capabilities, grow its customer pipeline, and further develop its technology and products.
Discover Video provides video streaming equipment and services to broadcasters, schools, corporations and government entities for live and on-demand video webcasting. Its products include multimedia video encoders, decoders, transcoders, media servers, priority video alert systems, video/digital signage and mobile broadcasting kits.
“CI established the Venture & Mezzanine Debt Fund to fill an unmet need in the marketplace – to help growth-stage technology companies obtain important capital for expansion,” said Claire Leonardi, chief executive officer and executive director of CI. “We are excited that Discover Video is receiving one of the first investments through this new fund. The fund is another example of a CI initiative designed to address the Malloy administration’s goal of accelerating high-tech growth in Connecticut.”
Discover Video has developed world-class encoding, streaming and video delivery technologies that make it extremely easy and inexpensive for virtually anyone to become a live video broadcaster and to convert one form of video to another. Connecticut schools such as Cheshire High School, East Windsor High School, South Windsor High School and Weston Middle School have already deployed the technology to deliver live “morning announcements” and video-on-demand to classrooms, iPads® and other mobile devices.
“It is no secret that the economy has made it more difficult to start and grow a business. The state’s efforts to spur growth among early-stage technology companies are extremely well timed. We’ve already hired two people and will be adding more thanks to this most recent investment,” said Rich Mavrogeanes, president and chief technology officer of Discover Video.
Discover Video is led by a team with extensive experience in media and the Internet. The company was founded by Rich Mavrogeanes and Michael Savic. Rich is a serial entrepreneur with more than 35 years’ experience in the technology industry. He previously founded VBrick Systems and grew the company into a major player in the video streaming industry, achieving #1 market share in the enterprise video business. Michael is vice president of marketing and has over 25 years’ experience with Connecticut-based technology companies. Rich and Michael are joined by industry veterans Joseph Chordas and Kevin Shively, among others.
State Senator Len Fasano said, “I am delighted that a successful entrepreneur is growing another high-tech company in Wallingford. This group has helped generate many jobs in town through their previous venture, VBrick Systems. Discover Video promises to do the same.”
“It is important that we support our local businesses,” State Representative Mary G. Fritz (D-Cheshire/Wallingford) said. “Hopefully, the funding will help Discover Video to grow and create additional job opportunities at a time when we must continue to work together to improve our economy.”
About Connecticut Innovations Inc. Connecticut Innovations (CI) is a quasi-public corporation providing equity, debt and bond financing and other forms of financial assistance to companies in all stages of the business life cycle, from startup to later stage. CI offers its portfolio companies strategic guidance and collaborations with partners in business, finance, education, government and nonprofit sectors. CI’s initiatives are designed to grow the state’s economic and technology base, and to stimulate business investments and job creation. For more information on CI, please visit www.ctinnovations.com.
About Discover Video LLC Discover Video was founded by the same founding team that created VBrick Systems and provides video streaming equipment and services to broadcasters, schools, corporations and government entities. The products include lower cost multimedia video encoders, decoders and transcoders, media servers, priority video alert systems, video/digital signage and mobile broadcasting kits. Discover Video’s customers include major corporations, educational institutions, local cable television stations and small businesses. For more information on Discover Video, please visit www.discovervideo.com