Edison Venture Fund Invests In e-Commerce Company dotPhoto
LAWRENCEVILLE, NJ, January 7, 2003 -- Edison Venture Fund today announced investing $3.0 million in dotPhoto of W. Trenton, NJ. dotPhoto provides Internet applications for sending and printing digital photos as well as wireless applications for sharing and downloading digital photos on cell phones. Edison led the $4.0 million financing with Sycamore Ventures of Princeton, NJ investing $1.0 million.
dotPhoto’s services enable a consumer to download, store, share and sell digital photos on the Internet. The company’s Pictavision application lets wireless subscribers download and email digital photos from their cellular telephone.
“Glenn Paul, a proven entrepreneur, has delivered innovative products and services that are a step ahead in this fast paced market”, commented Chris Sugden, Principal who led the investment for Edison. Edison’s investment will fund the expansion of sales and marketing, plus accelerating product development.
“dotPhoto has a track record of successfully delivering solutions to consumers. Picture sharing on mobile phones is a rapidly emerging market,” continued Tom Vander Schaff, Manager of Analysis for Edison.
Mr. Sugden joined the board along with Jeff Papows, Edison CEO Network member. Papows is CEO and Chairman at Maptuit, a leader in transportation software, and was President and CEO of Lotus Development. “Chris’s experience in the early days of e-Commerce and Edison’s track record of building great technology companies make this important milestone especially valuable”, stated Glenn Paul, dotPhoto CEO.
About Edison Venture Fund
Edison partners with entrepreneurs, service providers and other financing sources to build successful companies. Established in 1986, Edison Venture Fund provides private equity and value-added services to growing information technology businesses. Edison’s 120 investments include venture financings, management buyouts, and secondary stock purchases. Edison invests in expansion stage ($5 to 20 million revenue) companies located in the Mid-Atlantic region. Initial investments range from $3 to 5 million. Edison typically serves as a sole or lead investor.
Edison’s staff includes 17 investment professionals based in three offices: Lawrenceville, NJ, Bala Cynwyd, PA, and McLean, VA. Industry specialties include application software, financial services, pharmaceutical IT and electronic products. Edison’s successes include Best Software, Dendrite, Visual Networks, Fiberlink and many information technology leaders, which have a combined market value exceeding $5 billion. Edison currently has $420 million under management and is actively making new investments. www.edisonventure.com
About dotPhoto
Launched in 1999, dotPhoto, Inc. (www.dotPhoto.com) is a privately-held online photo-printing, sharing and image e-commerce portal where members can print, share and sell digital photos online or via their wireless phone. dotPhoto offers users the ability to add sound, text and voice to their online images; organize them into their own portfolio or album; arrange for secure access by friends, family members and business associates; and sell downloads or prints of their images at prices they determine. The Company’s patent-pending “talking pictures” technology greatly enhances the process of photo-sharing on the Internet, enabling a more realistic and human digital photography experience. dotPhoto’s Pictavision enables customers to see their photos on color cell phones.
For businesses, dotPhoto offers a full range of digital photography processing and storage solutions with both online and wireless access. The Company’s state-of-the-art high-speed digital processing system enables rapid file transfer, processing and print output of digital images to custom print formats. Corporate customers can also utilize dotPhoto’s dynamic “talking pictures” technology to enhance their marketing and presentation efforts. For more information, visit www.dotPhoto.com or call 1-609-434-0340.
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