Both INSP and also Vulcan Ventures mentioned....
Wonderhorse Secures $3.1 Million in First-Round Funding Real-Time Media Software Company Readies First Product
SEATTLE, Oct 3, 2000 (BUSINESS WIRE) -- Wonderhorse, a premier real-time media software company, recently secured $3.1 million in funding to expand its operations and complete production of its software for distribution next year.
Alexander Hutton Venture Partners (AHVP) and Lycos Ventures (LCOS) led the round with Washington Park Ventures participating.
Wonderhorse employs Queued Voice Callback(sm) (QVC), which enables computer users with standard speakers and a microphone to participate by voice, in fully interactive Internet audio broadcasts or talk-shows. The shows feature full-duplex audio in addition to a host of other features.
"To have a group of highly experienced investors such as Lycos Ventures, Alexander Hutton Venture Partners and Washington Park Ventures take an interest in our company validates our belief that the emerging market for voice applications over the Internet has huge growth potential," said Mark Consuegra, president and CEO of Wonderhorse. "This funding comes at a time when we are wrapping up development and are ready to begin implementing our product. It will allow us to charge ahead with our rollout."
"Voice over the Internet is just waiting for the right set of applications, and Wonderhorse is ready to make them happen," added Consuegra. "We see this opportunity as analogous to where streaming media was twelve to eighteen months ago."
According to Mark Klebanoff, managing director at Alexander Hutton Venture Partners, Wonderhorse represents a strong investment in the rapidly developing arena of on-line interactive media applications. "Not only do we see strong prospects for the Internet talk-show concept, we see many additional uses for the technology platform ranging from entertainment to online commerce," said Klebanoff. "We look forward to working closely with the Wonderhorse team to help the company achieve its tremendous potential."
"We are very impressed with the management team at Wonderhorse," said David Hart at Lycos Ventures. "We think the Company is building the right VOIP applications at the right time, and we hope to leverage our strategic relationships to move the company ahead as quickly as possible."
The Wonderhorse management team includes a set of veterans with software development and Internet expertise at Microsoft and other technology industry leaders. In addition to founding and leading the Microsoft Expedia Travel Product Unit, Consuegra founded MAC Associates Software Group and led the first project that made the course catalog for Harvard University, his alma-matter, available to students online.
Co-founder and COO, Matt Hillman, was one of the founding members and a lead developer on the initial version of Microsoft Outlook. Co-founder and Vice President of Internet Services, Kurt Weber, led the initial efforts for Safeco Mutual Funds, a division of Safeco Insurance Company, to establish its presence on the Internet in 1995. Vice President of Technology John Geer was part of the team that built audio compression technology into Windows during the 1990s at Microsoft.
"Experience has taught us that applications drive technology adoption and voice is no different," said Consuegra. "We're excited to learn what users will teach us about the voice applications space as they use our first products. The world is ready for real-time media software and voice applications, like talk-radio on the Internet, and we are ready to bring them to them."
AHVP's Klebanoff and Lycos Ventures' Hart will join the Wonderhorse board of directors.
About Wonderhorse
Wonderhorse, a premier real-time media software company, provides Internet Talk Radio and related voice applications for consumers and businesses on the Internet. Using Wonderhorse technology, members of Internet communities can initiate, participate or listen to on-line radio shows directly through their desktop computer. Internet Service Providers using the Wonderhorse Show Server can offer end-users on-line talk shows directly through Wonderhorse's client applications.
About Alexander Hutton Venture Partners
Alexander Hutton Venture Partners, LP is a Seattle-based $100 million venture capital company, focused on nurturing early-stage technology companies in the Pacific Northwest. Alexander Hutton Venture Partners' portfolio of companies includes F5 Networks, the best performing public stock in Washington state in 1999; Yellow Pages on the Internet, which was acquired by Infospace; Activate.Net which was acquired by CMGI; and Pro2Net, Asterion.com, nPassage, Inc., Tidemark Computer Systems and Halosource Corporation.
About Lycos Ventures
Lycos Ventures was formed in July 1999 to make early-stage investments in companies that are involved with electronic commerce, online media, or the development or utilization of internet technology, content or services. Joining Lycos, Inc. in the $75 million fund are Bear Stearns, Mellon Ventures, Inc., Sumitomo Corporation, Vulcan Ventures and others. The fund, through its close relationship with Lycos, Inc., is uniquely positioned to target and invest in the most promising emerging companies. The unique ability of Lycos, with nearly 50 percent of Internet users visiting the Lycos Network each month, to provide industry expertise to, and distribution outlets for, emerging Internet companies could result in accelerated growth opportunities for the fund's portfolio. Lycos Ventures is based in Pittsburgh, Penn. For more information about Lycos Ventures please visit www.lycosventures.com.
Contact:
Wonderhorse
Mark Consuegra, 206/282-1384
mark@wonderhorse.com
or
Firmani & Associates
Mark Firmani
mark@firmani.com
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