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 BUILDING B ATTRACTS ENTERTAINMENT AND TECHNOLOGY LEADERS FOR BREAKTHROUGH VIDEO ENTERTAINMENT SERVICES Morgenthaler Ventures and OmniCapital Lead $17.5 Million Funding Round Belmont, Calif. – Aug. 20, 2007 – An emerging digital media company known as “Building B” has been attracting some of entertainment and technology’s most well-known leaders. In a broad reaching industry collaboration, Building B has amassed over the last year a management team, board of directors and advisory panel comprised of executives from throughout the entertainment and technology industries. The company has also recently attracted funding from Morgenthaler Ventures, OmniCapital, Index Ventures and private investors in a $17.5 million financing round. Building B’s management team has been carefully constructed to include key executives from each critical area of its business model, including prior senior executives from such entertainment companies as CBS, NBC, MTV Networks, Nickelodeon, Paramount, Showtime and Viacom. Individuals on the management team have also led technology and market innovations while at Sony, Numerical Technologies, Liquid Audio, Clearwire and Bell Labs. Joining Building B’s board of directors are Andy Lack, Sony BMG Music Entertainment chairman; Dr. Arun Netravali, managing director of OmniCapital and recipient of the National Medal of Technology for his pioneering contributions to HDTV; and Bob Pavey, a partner at Morgenthaler Ventures and an early investor in several industry defining technology companies, including Apple Computer. “By aligning with experts from the entertainment and technology industries who understand the complexities of creating a new video entertainment platform, we have a formidable team that is collaborating with partners across multiple segments within the industry,” said Building B co-founder and chief executive officer Buno Pati. “We are pleased to have industry visionaries, innovators and luminaries such as Andy Lack, Arun Netravali and Bob Pavey join the Building B effort.” While many new forms of video delivery have developed in recent years, the independent evolution of offerings has created a cluttered and confusing combination of content, networks and devices for consumers. “The current state of video entertainment today is similar to the early days of digital music,” said Phil Wiser, Building B co-founder, president and chairman, and former Sony CTO and founder of digital music pioneer Liquid Audio. “To help bring the industry to the next level, we will deliver a platform that gives consumers a complete, modern video experience that is elegant and instantly accessible, rather than require the consumer to learn how to put all of the pieces together and then pay an exorbitant price.” Building B was founded to create a new entertainment platform that cost-effectively delivers the features consumers’ desire while providing new opportunities for the television industry. Building B is differentiated in its approach by starting with traditional content that is viewed and expected in the living room today. The service consists of a turn-key home video entertainment solution that seamlessly integrates traditional television content in HDTV and extends it with on-demand premium content and Internet video -- all delivered to the living room television without the need for a PC. Building B’s platform also benefits other industry participants. Content partners can further extend their brands while seamlessly integrating their traditional, library and online content. Advertisers can take advantage of the platforms ability to deliver advertising that is more relevant and targeted to viewers’ interests. Broadcasters can leverage the platform to more effectively promote new programming, increase viewership of locally produced content and achieve more attractive advertising rates. Building B leverages the unique strengths of wireless broadcast technology and the Internet to create an advanced video platform that works in America’s living rooms today. Telecommunications and wireless providers can benefit from Building B’s platform because it is a perfect video companion to existing high speed Internet and VOIP offerings and does not require billions of dollars of capital investment for additional infrastructure. Building B is working with broadcasters, content providers, advertisers, broadband service providers and consumer electronics companies to roll out the service. “I have been especially impressed with the Building B consumer oriented approach to the market.” said Sony BMG Music Entertainment Chairman Andy Lack. “I have seen many changes in the entertainment industry but few as compelling as the plans Building B has to marry video content and technology. They are developing the ability to fundamentally change the television experience with a new platform that embraces many of the industry players, from content providers and broadcasters to advertisers and telcos, all for the benefit of the viewer. It should be a transformational win for everyone.” “I am as excited about Building B as I was about Apple when I first invested in them,” said Bob Pavey, partner, Morgenthaler Ventures. “When a company is driving a paradigm shift, they really stand out, and Building B is gathering the talent, vision, technology and partners to bring breakthrough television to life.” About “Building B” “Building B” is an entertainment technology and services company that has developed a breakthrough on-demand video entertainment platform and service that works within America’s homes today—without expensive service provider infrastructure upgrades. The service consists of a turn-key home video entertainment solution that seamlessly integrates traditional television content in HDTV and extends it with on-demand premium content and Internet video -- all delivered to the living room television without the need for a PC. Press Contact: A&R Edelman Jody Farrar 650.762.2925 jfarrar@ar-edelman.com |