Pure Digital Technologies Completes $40 Million Funding
Mezzanine round provides capital to launch the world's first line of simple, pocket-sized camcorders designed to change the way people capture and share video
San Francisco, — May 1, 2007 — Pure Digital Technologies, Inc., maker and marketer of next-generation digital video products and one-time-use digital cameras, today announced the completion of a $40 million round of equity funding co-led by AllianceBernstein L.P. and Morgan Stanley Principal Investments (MSPI). Heights Capital Management, Inc. and existing Pure Digital investors Sequoia Capital, Benchmark Capital, Focus Ventures, Crescendo Ventures, Steamboat Ventures, VantagePoint Venture Partners, and Samsung Ventures also participated in the round. San Francisco-based investment bank Savvian represented Pure Digital in the transaction.
The funding coincides with today's introduction of Flip Video™, Pure Digital's breakthrough line of simple, pocket-sized digital camcorders, as well as the launch of the company's national television and on-line branding campaign created by DDB Worldwide, a four-time winner of the Clio Agency Network of the Year award.
Flip Video is an ultra-convenient line of pocket-sized, affordable camcorders featuring built-in software that makes it easy for everyday consumers to instantly capture, edit, and share video. Available today at retailers nationwide — in time for giving gifts to moms, dads and grads — Flip Video is specifically made for capturing life's spontaneous moments, no matter where and when they happen. Developed with Internet video sharing integrated into the device itself, Flip Video is also the first and only camcorder to upload directly to online video sharing sites, including YouTube.
"Our view is that Pure Digital has strong financials, a smart and viable business model and tremendous demand for its products from retail giants like Target, Best Buy, Costco, CVS/pharmacy, Rite Aid, and Amazon.com," said Jamie Kiggen, Senior Vice President, AllianceBernstein. "We believe that Pure Digital has a unique position in the digital imaging market and welcome the opportunity to be a part of their promising future."
"We are excited to participate in this investment in Pure Digital," said Michael Petrick, Global Head of MSPI. "Pure Digital is a strong company with an excellent management team and great growth potential. The company's Flip Video is well positioned to allow consumers to capture and share video as part of their everyday lives."
ABOUT PURE DIGITAL TECHNOLOGIES
Pure Digital Technologies is a pioneer in developing simple, affordable digital imaging solutions for the mass market. Its award-winning product portfolio includes the world's only one-time-use digital cameras and camcorders as well as the first Point & Shoot Camcorder which has been among the bestselling camcorders at many top retailers. To complement its next generation of simple and affordable consumer devices, the company partners with leading retailers to distribute its processing technology. The Pure Digital Imaging Platform is installed in over 9,400 one-hour processing locations nationwide, including CVS/pharmacy, RiteAid Pharmacy, Ritz/Wolf Camera Centers, Duane Reade, and Longs Drugs.About Sequoia Capital
Sequoia Capital provides venture capital funding to founders of startups who want to turn business ideas into companies. As the "Entrepreneurs Behind the Entrepreneurs", Sequoia Capital's Partners have worked with innovators such as Steve Jobs of Apple Computer, Larry Ellison of Oracle, Bob Swanson of Linear Technology, Sandy Lerner and Len Bozack of Cisco Systems, Dan Warmenhoven of Network Appliance, Jerry Yang and David Filo of Yahoo!, Jen-Hsun Huang of nVIDIA, Michael Marks of Flextronics, Larry Page and Sergey Brin of Google, Chad Hurley and Steve Chen of YouTube and Dominic Orr and Keerti Melkote of Aruba Wireless Networks. To learn more about Sequoia Capital visit www.sequoiacap.com.
Contact:
Michael Moritz
SEQUOIA CAPITAL
moritz@sequoiacap.com
