"Interactive Pictures Receives $28 Million in Financing Round..
Wednesday March 24, 9:01 am Eastern Time
Company Press Release
Interactive Pictures Receives $28 Million in Financing Round
GE Equity, Liberty Media, American Express, Motorola, Cendant and JP Morgan Back Leader in Internet Photography
SAN JOSE, Calif. and OAK RIDGE, Tenn.--(BUSINESS WIRE)--March 24, 1999--Interactive Pictures Corporation(TM), the world leader in photography for the Internet, today announced that it has received $28 million in growth capital. The combined $28 million was provided through GE Equity (NYSE:GE - news), Liberty Digital, a division of Liberty Media Group (NYSE:LMG.A - news and LMG.B - news), American Express Company- Travel Related Services Company, Inc., a wholly owned subsidiary of the American Express Company (NYSE:AXP - news), Motorola, Inc. (NYSE:MOT - news), Cendant Corporation (NYSE:CD - news) and J.P. Morgan (NYSE:JPM - news). Other notable investors include Invision AG, a European Internet and communications investor, Edens Capital Ltd., a UK-based investment bank, Stephens Capital and individual investors including John Hendricks, CEO of Discovery Communications and Laban Jackson who join previous notable individual investors including Jim Kennedy, CEO of Cox Enterprises.
According to Jeffrey H. Coats, Managing Director, GE Equity, ''Interactive Pictures has all the qualities we look for in an investment -- seasoned management, a scalable business plan and incredible products. IPIX technology is bringing interactivity and true multimedia to the Internet.''
Through its reinvention of photography, Interactive Pictures has already begun to replace millions of the 72 billion flat photographs taken each year. The company's technology can ''transport'' the viewer anywhere -- whether it be a stadium seat in 3Com Park, an apartment in New York's SOHO district, the inside of a new Honda Accord or directly into NASA's Discovery Space Shuttle. The future of the Internet will involve multimedia-rich content, rapid delivery of information and of course, interactivity. The promise of personal interactivity gives companies a new way to reach out to the consumer and also to have that consumer grasp a personalized experience each time a connection to the Internet is made. Interactive Pictures addresses the consumer, business-to-business and business-to-consumer levels of interactivity. In the past year, more than 1,500 Web sites have adopted IPIX technology to ''teleport'' consumers into an interactive, self-navigating 360 degree by 360 degree image. Interactive Pictures is redefining how consumers and businesses interact with photography and in the near future, video.
''IPIX images have brought interactive imaging to thousands of web sites in the past year. This additional investment will advance our technology development and accelerate the adoption of IPIX photography worldwide,'' said Jim Phillips, chairman and CEO of Interactive Pictures Corporation. ''Our investors feel as we do -- that IPIX will be the true visual connection between e-commerce, entertainment and the ubiquitous viewing of interactive content on the Internet.''
Interactive Pictures' customers are leaders in the real estate, travel/tourism, hospitality, entertainment, media/journalism and e-commerce industries which include Microsoft, AOL, Disney, Hilton Hotels, Toyota, Intel, Rent.Net, E!Online, Coldwell Banker, CNN, The New York Times, The Chicago Tribune, Discovery Communications, Ticketmaster , the NFL, and the NBA, to name a few.
John Hendricks, chairman and CEO of Discovery Communications said, ''Interactive Pictures has come so far in only two years, however, its most exciting days are ahead. Their creative evolution is similar to where Thomas Edison was when he invented the movie camera for the video taping of plays -- just the tip of the iceberg. As IPIX technology and V360 are introduced to more media-centric developers, a new generation of photography applications will emerge with Interactive Pictures' technology as the key enabler.''
''We are excited to be an investor in Interactive Pictures,'' said Larry Kutscher, Vice President of Interactive Enterprise Development at American Express. ''The company's powerful IPIX image technology can help us deliver exciting, new, next-generation Internet products that transform our customer's experience online.''
Driven by previous equity investments from Motorola, Discovery Communications, Advance Publications and MediaOne Group, Interactive Pictures is today led by technology industry veteran, Jim Phillips. Phillips' has pioneered several communications industry revolutions in his more than 20 years of experience. Phillips was president and co-founder of SkyTel Corporation, the world's leading provider of wireless messaging and also held the position of corporate vice president of Motorola's Multimedia Group where Motorola established itself as the world's leading provider of cable modem products. In addition, the Interactive Pictures' executive management team includes president and Chief Operating Officer, Jeff Peters. As Eastman Kodak's general manager of Digital Imaging and vice president of Digital Applied Imaging, Peters was responsible for the commercialization and delivery of all of Kodak's consumer digital cameras and inkjet media.
''In the past year, the use of IPIX technology has exploded on the Internet. As a long time investor in Interactive Pictures, we are especially optimistic about the future of this revolutionary technology,'' said Randy Battat, Senior Vice President and General Manager of Motorola's Internet and Networking Group. ''IPIX images provide an interactive experience which energizes today's Internet and scales to emerging broadband networks with high resolution images and V360 'steerable video'.''
''Liberty Digital invests in technologies which improve today's online interactive experience and accelerate future broadband and digital television networks. Interactive Pictures is a perfect fit for our portfolio,'' said Lee Masters, President and CEO of Liberty Digital LLC. ''IPIX technology ushers in a whole new generation of imaging for viewers including IPIX images and V360 which will be a killer broadband and digital TV application.''
As the Internet, broadband and digital television mediums continue to converge, many of today's leaders in the new media, television, travel/leisure and financial industries have envisioned the future integration and use of IPIX images as a driver of interactivity entertainment and e-commerce. These well-respected organizations are today funding Interactive Pictures Corporation's drive to create the industry standard for viewing immersive images on the Internet.
GE Equity, a subsidiary of GE Capital, is the private equity arm of GE. GE Capital, with assets of more than US$300 billion, is a global, diversified financial services company with 28 specialized businesses. A wholly-owned subsidiary of General Electric Company, GE Capital, based in Stamford, CT, provides equipment management, mid-market and specialized financing, specialty insurance and a variety of consumer services, such as car leasing, home mortgages and credit cards, to businesses and individuals around the world. GE is a diversified manufacturing, technology and services company with operations worldwide. The company has extensive interests and vertical market focuses, and is also the parent company of media giant NBC -- which operates CNBC, MSNBC, Snap and C/NET. Parallel investments include Realtor.com, Star Media, Preview Travel, Auto-By-Tel, iXL and Launch Media.
Motorola is a global leader in providing integrated communications solutions and embedded electronic solutions. These include: software-enhanced wireless telephone, two-way radio, messaging and satellite communications products and systems, as well as networking and Internet-access products, for consumers, network operators, and commercial, government and industrial customers. Sales in 1998 were $29.4 billion.
Cendant Corporation is a global provider of consumer and business services. The Company is the largest franchisor of hotels, rental car agencies and residential real estate brokerage offices. The Company also owns Jackson Hewitt, a leading tax preparation service franchise system in the US. Other Cendant brands include Ramada, Days Inn, CENTURY 21, Coldwell Banker and ERA. Cendant Mobility is the largest relocation company and Cendant Mortgage is the 10th largest originator of mortgages in the US. Cendant also provides access to insurance, travel, shopping, auto and other services, primarily through direct marketing to customers of its affinity partners. Other consumer services include NCP, the UK's largest private car park operator and Green Flag, a leading motorist assistance group in the UK.
With Coldwell Banker, CENTURY 21, and ERA standardizing on IPIX virtual tour technology, Cendant is investing in Interactive Pictures. ''We saw the potential for IPIX technology real estate applications over a year ago and have found that the buying public not only relate to items they can interact with, but are now being trained to demand more when viewing property on the Internet,'' said Richard Smith, Chairman & CEO of Cendant's Real Estate Division. ''IPIX virtual tours are a competitive advantage for our real estate brokers and agents.''
J.P. Morgan is a leading global financial firm that meets critical financial needs for business enterprises, governments and individuals. The firm advises on corporate strategy and structure, raises capital, makes markets in financial instruments and manages investment assets. Morgan also commits its own capital to promising enterprises and invests and trades to capture market opportunities.
American Express Travel Related Services Company, Inc., is a wholly owned subsidiary of the American Express Company a diversified worldwide travel, financial and network services company founded in 1850. It is a world leader in charge and credit cards, Travelers Cheques, travel, financial planning, investment products, insurance and international banking. For more information, visit the company's Web site at www.americanexpress.com.
Liberty Digital LLC, is Liberty Media Group's and John Malone's primary vehicle for investing in Internet and new media companies which enhance today's online Internet experience. Liberty Media Group holds interests in numerous globally branded entertainment networks such as Discovery Channel, USA, QVC, Encore, STARZ! and the Fox/Liberty sports networks. Liberty's assets also include interests in international video distribution businesses; international telephony and domestic wireless; plant and equipment manufacturers; and other businesses related to broadband services.
About Interactive Pictures Corporation
Interactive Pictures Corporation has reinvented photography for businesses and consumers through its patented IPIX technology. With technology originally developed on behalf of NASA and the U.S. Department of Energy as a means to provide total remote viewing of hazardous environments such as outer space, an IPIX places viewers in the center of a picture, and allows them to navigate the environment in real time as if they were teleported into that space. IPIX is the only easy to use and affordable photography solution to deliver a completely immersive 360 x 360 degree photographic experience providing interactive, spherical images. An IPIX takes the viewer from earth to sky, floor to ceiling and horizon to horizon, all from two simple opposing photographs captured by a fisheye lens and seamlessly blended together.
Interactive Pictures has helped numerous organizations create virtual tours and redefine digital marketing/electronic commerce efforts for thousands of leading companies including Microsoft, AOL, Disney, Hilton Hotels, Toyota, Intel, National Geographic, Luftansa, Rent.Net, Coldwell Banker, CNN, The New York Times, The Chicago Tribune, Discovery Communications, the NFL and the NBA. Interactive Pictures maintains corporate headquarters in Oak Ridge, Tenn. and San Jose, Calif. Experience IPIX and learn more about Interactive Pictures at www.ipix.com.
Interactive Pictures, IPIX, V360, PhotoBubbles and Steerable Video are trademarks of Interactive Pictures Corporation. All other trademarks and registered trademarks are the property of their respective owners.
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Contact:
McGrath/Power Public Relations, Silicon Valley
Roger Fortier, 408/727-0351
roger_fortier@mcgrathpowerpr.com
or
McGrath/Power Public Relations, Boston
Wendy Bulawa, 617/227-3760
wendy_bulawa@mcgrathpowerpr.com
or
Interactive Pictures
Patti Fortuna, 408/918-0947
fortunap@ipix.com
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SEE BELOW... Posted on the LMG.A thread
<<<Liberty Digital LLC, is Liberty Media Group's and John Malone's primary vehicle for investing in Internet and new media companies which enhance today's online Internet experience. Liberty Media Group holds interests in numerous globally branded entertainment networks such as Discovery Channel, USA, QVC, Encore, STARZ! and the Fox/Liberty sports networks. Liberty's assets also include interests in international video distribution businesses; international telephony and domestic wireless; plant and equipment manufacturers; and other businesses related to broadband services.>>>
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