Qumu Inc. Secures $5.3 Million In Series B Funding
Storm Ventures' Alex Mendez Will Join Qumu Board of Directors.
BERKELEY, CA, May 23, 2006 - Media Publisher Inc., the leader in Enterprise Video Communications (EVC), announced today that the company has received $5.3 million in Series B venture funding. Storm Ventures led the round with additional funding from The Angels' Forum, The Halo Fund, and Garage Technology Ventures, all of whom contributed to Qumu's first round of funding in 2003. The company has raised $6.6 million to date.
Qumu also announced that Alex Mendez, general partner at Storm Ventures, will join the company's board of directors. Mendez currently sits on the boards of 3Leaf Networks, Adomo, Bivio Networks, Mobio Networks, Venturi Wireless, and McData. Prior to founding Storm Ventures in October 2000, Alex spent twenty-five years in high tech at ROLM, IBM, Stratacom, and Cisco, holding several executive positions, most recently as a Senior Vice President/General Manager at Cisco. He was part of the founding team of Stratacom which Cisco acquired in 1996.
"More and more global 2000 companies are taking advantage of the benefits that Enterprise Video Communications brings to large organizations with distributed audiences," said Rod Bacon, president and CEO of Qumu Inc. "Our investors recognize that Qumu is building on EVC's momentum in the corporate environment, and is creating solutions for using business video to communicate to customers, employees and partners. With our investors' support, we'll prepare for the tremendous growth we expect in this market."
Qumu Inc. helps companies manage corporate video, making it reliable, scalable, and easy to use. Qumu offers non-technical users a way to create and manage their own live and on-demand events through a user-friendly interface, and view those video events through a configurable Viewer Portal. Qumu's Video Control Center makes it possible to centrally manage video events across the corporate network.
"As enterprises increasingly use the power of business video to reach people across industries internationally, Enterprise Video Communications has the potential to become a major market," said Alex Mendez of Storm Ventures. "Qumu's leadership position in EVC drove our decision to invest in the company."
About Qumu, Inc.
Qumu Inc. is the leader in Enterprise Video Communications. Qumu offers a complete suite of video applications, and a Video Control Center that manages a company's existing content infrastructure. Qumu's solution makes it easier for global 2000 companies to leverage business video, allowing them to communicate more efficiently and deliver a consistent message across distributed audiences. The company was founded by former executives of Inktomi who acquired the Qumu application from Inktomi prior to their acquisition by Yahoo! Inc. Yahoo! retains a minority equity interest in Qumu. Qumu is privately held and based in Berkeley, California. For more information, visit www.qumu.com.