Clearleap Gets $3.3 Million From Silicon Valley Bank
TV Technology Startup Builds Financial Strength Despite Weak Economy
By Multi Channel News Staff -- Multichannel News, 11/3/2008 5:42:00 AM
Atlanta-based Clearleap, a developer of video technology, said it secured $3.3 million in venture debt financing from Silicon Valley Bank.
Clearleap said funds will be used to enhance development of innovative infrastructure and business management products for television service providers and content owners. Clearleap in March closed a $9 million Series A equity investment from venture capital leaders Trinity Ventures and Noro-Moseley and last month hired a trio of executives formerly of AOL, Pathfire and Navic Networks.
"The Clearleap team has great respect in its industry and is poised to make a significant impact on the future of television," said Dale Kirkland of Silicon Valley Bank's Atlanta office. "We look forward to providing them the additional resources they need to continue to grow and expand their product offerings."
Clearleap said its aim is to expand the capabilities of traditional television by offering service providers and media companies a way to provide unprecedented programming options to consumers. With Clearleap's platform, the virtually limitless diversity of video-such as any movie or TV show ever made, sports from international competitions to local high school football, special interest programs, and user-generated content-is made available to viewers on their TV sets in the comfort of their living rooms.
"Silicon Valley Bank recognizes the enormous potential that our technology offers and despite the current economic downturn, has chosen to invest in our future and ultimately the next generation of television," Braxton Jarratt, Clearleap's co-founder and CEO and a former executive at Tandberg Television and N2 Broadband, said in a release. "This latest financial infusion will help Clearleap achieve its vision and ensure ample capital reserves to get through today's turbulent economic environment."
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