The Walt Disney Company, Cisco Systems and Intel Corporation Invest in MovieBeam, Inc.
Subject: General Tech | February 14, 2006 - 06:15 PM | Jeremy Hellstrom
Burbank, Calif., San Jose, Calif. and Santa Clara, Calif., February 14, 2006 — The Walt Disney Company (NYSE: DIS), Cisco Systems and Intel Corporation, through its leading investment arm Intel Capital, today announced they have invested in MovieBeam, Inc., a newly formed digital entertainment venture. The series A financing round, worth a total of $48.5 million, includes additional investment from tier-one venture capital firms the Mayfield Fund, Norwest Venture Partners and VantagePoint Venture Partners.
MovieBeam is poised to dramatically improve consumers' movie-rental experience with its movies-on-demand service that debuts today across most major metro areas in the U.S. (see today's related announcement). MovieBeam's unique mix of breakthrough content rights, technology, relationships and assets combined with the expected continued growth in the popularity of consumer electronics devices and alternative content distribution channels is compelling to the new investors.