RESTON, Va., Sept. 20, 2006 (PRIMEZONE) -- Voxant, creator of the Viral Syndication Network(tm) for online news, has secured $10.5 million in backing for the company's unique solution for distributing broadcast, print and other types of news content across the Internet.
Voxant, which partners with major broadcasters and news organizations, today announced that SoftBank Capital of Boston and Court Square Ventures of Charlottesville, Va., have invested in its second funding round. They join Longworth Venture Partners of Boston, which provided Voxant's initial funding and participated in this round with an additional investment.
The funds will escalate growth of Voxant's Viral Syndication Network, including the launch of TheNewsRoom(tm) later this fall. Using the network, news publishers large and small can easily distribute fully licensed video, print, audio and still photo news content to thousands of Web sites and blogs, where it can then be redistributed through viral mashing(tm). Voxant's advertising-supported service is free to Web publishers and provides revenue to both originating content providers and distributors.
Voxant also announced that SoftBank Capital Partner Steven J. Murray and Court Square Partner Chris Holden will join the company's Board of Directors. Longworth Partner Jim Savage already sits on the board.
"This funding enables us to accelerate our product development and extend our services to meet the demands of our growing number of content partners and thousands of Web publishers who are seeking credible and diverse news content," said Voxant CEO Jeff Crigler. "It's great to have partners of the stature of SoftBank Capital, Court Square and Longworth, who have deep expertise in digital media, share our strategic vision for the online news market, and have the ability to help Voxant reach its full potential."
Crigler said the online news syndication market is expected to grow in value from $574 million currently to $3.8 billion by 2010. The Pew Internet and American Life Project reported this year that some 50 million Americans now turn to the Internet for news on a typical day, mirroring the rapid growth of broadband adoption. Additionally, a study by the Online Publishers Association found that news is the most frequently viewed online video topic, with adults reporting they view news 66 percent of the time and take action on 44 percent of online video ads.
"The market opportunity available to smartly syndicate valuable content to all areas of the Web is enormous," said Murray of SoftBank Capital. "Voxant is uniquely positioned as a pioneer of innovative viral syndication services, and it has the management talent and depth to achieve phenomenal success. We are looking forward to helping Jeff and his team fulfill the promise of this exciting venture."
"We are very pleased to be involved with Voxant at a time when there is unprecedented demand for online news content and, particularly, online video news," said Holden of Court Square. "Through TheNewsRoom and its services, Voxant is going to become the Internet's premier distribution source of traditional news content, as well as tremendously popular user-generated content. Voxant will be a boon to Web publishers and bloggers."
About Voxant
Voxant's Viral Syndication Network(tm) for online news unlocks vast new markets for news organizations and advertisers around the world, helping them get their content found, played, and paid for on the web. Voxant's viral mashing(tm) technology provides a powerful new way to distribute and monetize video, audio, print and still photos to the millions of Web sites and blogs that comprise the 'long tail' of the Web. Voxant distributes and promotes news for leading companies such as Reuters, MSNBC, CBS and Bloomberg through a partner network that includes the Associated Press, LexisNexis and Factiva, as well as a variety of Web publishers and bloggers. For more information about Voxant, please visit www.voxant.com.
www.softbank.com www.courtsquareventures.com www.longworth.com