Maven Networks Closes $12 Million in Series C Financing to Meet Exploding Demand for Internet TV Services and Technology; New Funding Brings Total Investment to $30 Million; Accelerates Maven's Product Development and Market Leadership

Business Wire, August 7, 2006

CAMBRIDGE, Mass. -- Maven Networks today announced it has closed on $12 million in Series C funding led by Prism Venture Partners of Westwood, MA. This latest round of financing includes participation from existing investors Palo Alto-based Accel Partners and General Catalyst Partners of Cambridge, MA, and brings the total amount of financing to $30 million. The new funding will be used to accelerate the company's leadership in broadband video technology and products, fuel its global sales expansion, and introduce new services and solutions for leading media and entertainment companies.

Woody Benson, General Partner for Prism Venture Partners, will join Maven's Board of Directors. A former CEO with over 25 years of technology and communications marketing experience, Benson focuses on investments in digital media and mobile communications technologies, as well as business infrastructure software. "In leading the innovation of technology used to create and deliver rich, professional quality broadband video channels and services, Maven has secured an unmatched list of customers," said Benson. "The company has clearly demonstrated the value of its broadband video publishing platform for creating highly engaging and profitable Internet TV services."

With consumer demand for Internet TV skyrocketing, broadcast and cable television companies are constantly challenged by the costs and technical complexities associated with rapidly transferring large media libraries online, integrating with existing business systems and workflow processes, and creating compelling and engaging consumer experiences. Maven Network's Maven Media System (MMS) enables media companies to quickly and easily design and launch professional broadband video channels that offer unrivaled consumer experiences to increase media consumption, and generate new and profitable revenue streams.

"This latest financing from top venture capital firms is a testament to the tremendous global market opportunity in broadband video, and the great momentum and credibility we have established in securing over 20 of the largest media companies," said Hilmi Ozguc, Founder, Chairman and CEO of Maven Networks. "We are in the midst of nothing less than the fundamental transformation of the television and motion picture industries. Maven already plays a critical role in enabling new advertising driven broadband video services and we are fortunate to have the backing of three leading venture firms with deep expertise in building high-growth digital media businesses."

About Maven Networks

Maven Networks transforms the way professional media companies deliver sophisticated broadband video services by making it fast and efficient to launch scalable, engaging and profitable Internet TV channels. Based on patent-pending technology, Maven Media System(TM) is a comprehensive platform for creating, managing and delivering compelling broadband video channels that enable direct-to-consumer services and generate new revenue streams.

Maven Media System is used by industry-leading organizations across the globe such as 20th Century Fox, A&E Television Networks International, Disney Buena Vista Pictures, Hallmark Channel, National Geographic Channel, Pepsi, Nike, and Sony Pictures.

About Prism Venture Partners

Founded in 1996, Prism Venture Partners (Westwood, MA) is a venture capital firm built by experienced entrepreneurs in technology and life sciences. With approximately $1.25 billion in capital under management across five funds, Prism's primary goal is to deliver superior value to its investors. Its partners have served as the founders, CEOs and senior executives of numerous venture-backed companies. By leveraging its network of seasoned entrepreneurs, skilled executives and long-time industry contacts, Prism identifies and works closely with companies with the potential to be market leaders. For more information, please visit http://www.prismventure.com.

About Accel Partners

Accel Partners is a venture capital firm that has been dedicated for over 25 years to supporting entrepreneurs who possess the unique insight to define new categories and build world-class technology companies. These entrepreneurs have led fundamental industry transformations rather than followed predefined market trends. Accel deeply shares our entrepreneur's passion for fundamental uniqueness and their courage to be first.

This emphasis on leadership has engendered category defining companies that have reshaped their industries and in many cases created entirely new sectors. Accel-backed companies have sparked many of the most significant revolutions in technology businesses, such as: Veritas Software, RealNetworks, UUNet, Macromedia, PictureTel, Foundry Networks, Walmart.com, and many others.

About General Catalyst Partners

General Catalyst Partners is a venture capital firm that invests in exceptional entrepreneurs who are building the technology-based companies that will lead innovation and transform industries. Founded in 2000, General Catalyst Partners leverages its principals' extensive operational, business development and technological expertise to provide portfolio companies with a catalyst for success through business-building and partnership development assistance. General Catalyst has approximately $1 billion under management and is headquartered in Cambridge, Mass. For more information, please visit: http://www.generalcatalyst.com.