Verance Gets $13 Million to Pursue New Markets20 Mar, 2002 By: Hive News
Digital Rights Management (DRM) provider Verance has secured $13 million in new financing ot pursue emerging copy protection and media verification markets, with the majority of funding coming from repeat investors.
Constellation Ventures, an affiliate of Bear Stearns Asset Management and MMC Capital, a wholly owned subsidiary of MMC, led the investments. Total investment in the company to date exceeds $40 million, with more than $35 million obtained in the last 15 months, a Verance spokesperson said.
"We are gratified by the level of support we are receiving, especially given the challenging economic climate of the past two years," said Verance president and CEO Bob Cerasoli. "This funding provides Verance with the means to extend the leadership position of our products and services and to continue to develop our proprietary technology assets."
Verance has achieved broad adoption of its suite of copy protection products
Music and consumer electronics industries have been the early adopters of Verance copy protection products, but recently the company has begun generating revenues from the advertising, film and music industries with the launch of ConfirMedia*, a next-day broadcast verification service, the spokesman said.
"Because of the substantial growth opportunity presented by our proven solutions, and establishment of our national ConfirMedia network, the company will now begin to expand internationally into new and emerging markets," Cerasoli said.
"This additional funding will allow the company to continue to enhance its offerings in both the areas of copy protection products and broadcast verification and media information services, and we remain enthusiastic about providing management with the capital and intellectual resources needed to establish those leadership positions," said Constellation Ventures senior managing director Clifford H. Friedman, who recently assumed the chairmanship of Verance.