GRACENOTE RAISES $9.5 MILLION IN THIRD ROUND OF FINANCING LED BY SEQUOIA CAPITAL
Funding Will Accelerate Next Generation Technologies, Strategic Initiatives
BERKELEY, CA (September 9, 2002) -- Gracenote, a leading provider of digital music infrastructure technologies, today announced the completion of $9.5 million in third round financing led by blue-chip venture capital firm Sequoia Capital. The funding will be used for working capital and for a variety of strategic initiatives. Concurrent with the investment, Sameer Gandhi, a partner at Sequoia Capital, joined Gracenote's board of directors.
Gracenote technology provides key functionality in media player software, and in revolutionary new consumer electronics products including home and car stereo products from companies including Sony, Philips, Pioneer, Kenwood, Marantz, and Imerge, which allow consumers to record CDs directly to an internal hard drive. Gracenote has been pioneering digital music technology since 1995, and specializes in music recognition and related digital music technologies. The Gracenote CDDB® Music Recognition ServiceSM is used by over 30 million people in over 140 countries each month.
"This funding will accelerate our strategic plan, and help us define the next generation of digital music technology," said David Hyman, CEO of Gracenote. "It will also speed the deployment of our new technologies, which will make digital music more accessible, more convenient, and more compelling."
"Gracenote has established itself as an instrumental participant in the new digital media infrastructure, both in consumer electronics and on the web," said Sameer Gandhi, a partner at Sequoia Capital. "We believe that the company is uniquely positioned for success given its market leadership, attractive business model, and one-of-a-kind technology and intellectual property portfolio."
About Gracenote
Gracenote provides critical digital music infrastructure technologies to consumer electronics manufacturers and software developers worldwide. Gracenote specializes in music recognition and related technologies, and has the largest database of music information in the world. Gracenote delivers compelling, dynamic content customized to the music experience, and it is changing how people enjoy, explore and discover music. Over 8,000 licensees worldwide, serving more than one million consumers daily, rely on Gracenote's technology for their music information. Gracenote was founded in 1995 and is headquartered in Berkeley, California. For more information about Gracenote, go to www.gracenote.com/corporate/.
About Sequoia Capital
Founded in 1972 Sequoia Capital is one of the leading venture capital firms. In the last three decades Sequoia has funded hundreds of companies, including: Apple, 3COM, Cisco, LSI, Yahoo, Redback and Flextronics. Sequoia Capital targets its investments in early stage companies in the areas of Components, Systems, Software and Services. Sequoia Capital offices are located in Menlo Park, California and Herzelia, Israel. For more information, visit www.sequoiacap.com.
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