Led · Equity · Nov 2024

Demand Media is a next-generation web media company that combines domain services, brand-able domains and niche content web sites. The company says it has taken a unique approach by combining these elements to form a new media company. Demand plans to use the new capital to further increase organic and strategic growth and to rapidly seize on unique market opportunities. The company completed a $100 million second round of funding co-led by 3i and Oak Investment Partners, with participation from Spectrum Equity Investors. The securities were issued to a limited number of accredited investors in a private placement exempt from registration under the Securities Act of 1933. Demand Media is based in Santa Monica, California. Demand Media is a Santa Monica-based online publisher. It entered into a new $225M credit facility split between a $125M revolving credit facility and a $100M term loan. The new facility replaces an existing $105M revolving credit facility and includes an option to increase the amount to $250M. Lenders on the facility are Silicon Valley Bank, U.S. Bank, Fifth Third Bank, Comerica Bank, Citibank, Union Bank, OneWest Bank and Goldman Sachs Bank. Demand Media said it will use the funding to gain additional flexibility and liquidity to pursue strategic objectives, including a spin-off of its domain services businesses. Demand Media is a Los Angeles-based online media firm run by Richard Rosenblatt. PEHub reported the company has raised an additional $35M. The firm filed a regulatory filing with the SEC on March 13. A Demand Media spokesperson did not respond to inquiries seeking confirmation or details of the round. If the report is accurate, the round would bring the firm's total capital raised to over $355M. Investors in prior and current rounds include 3i Ventures, Generation Partners, Goldman Sachs, Oak Investment Partners, and Spectrum Equity Investors. Demand Media is based in Santa Monica, California, and was founded by Richard Rosenblatt, the former president of Intermix Media. According to Mashable as quoted in the article, the company buys domain names with organic traffic, adds social networking features, and owns registrars eNom and BulkRegister. The company completed a third round of funding worth $100 million from Goldman Sachs. Previous investors include 3i Group, Generation Partners, Oak Investment Partners, and Spectrum Equity Partners; Demand Media has raised a total of $320 million to date. The article does not specify how the company will use the new proceeds or provide additional operating metrics or plans. Demand Media, formed by former MySpace chairman Richard Rosenblatt, is building a portfolio of generic websites that largely lack staff‑generated content. The sites are designed to attract visitors and monetize traffic via online advertising provided by partners such as Yahoo and Google. The company is buying cheap content feeds and expects to rely in part on user‑generated contributions to populate the sites. One example cited is flashgames.com, which reportedly earns more than $150,000 a year selling online ads despite offering only links to other game sites. Demand Media has raised $120 million in financing from Spectrum Equity Partners, Oak Investment Partners and Generation Partners. According to the company website update, Demand Media is based in Los Angeles with offices in Seattle.

Participated · Equity · Jan 2020

NextNav has developed a Metropolitan Beacon System (MBS) that uses cellular signals—deployed on cellular towers—to provide device positioning including the vertical "Z" dimension. The MBS can determine a device's floor level within less than three meters and serves smartphones, drones, IoT devices, and autonomous vehicles in indoor and urban areas where GPS is intermittent. The company is targeting emergency-response use cases tied to new FCC 911 vertical-location requirements and emphasizes the ability to identify how many people are on a particular floor. Its network is already live in the Bay Area and Washington, D.C., and NASA plans to use NextNav’s MBS at its Langley Research Center for autonomous navigation testing. NextNav, based in Sunnyvale, Calif., plans to use the new funding to expand its network to the 50 biggest U.S. markets. The company raised $120 million in a mix of equity and debt to support commercial deployment and network expansion; the round was led by funds managed by affiliates of Fortress Investment Group with participation from Columbia Capital, Future Fund, Telcom Ventures, funds managed by Goldman Sachs Asset Management, NEA, and Oak Investment Partners. NextNav LLC, based in Sunnyvale, CA and McLean, VA, provides location services for indoor and urban environments through its Metropolitan Beacon System (MBS). Led by CEO Gary Parsons, the company’s MBS delivers horizontal and vertical location services inside buildings and in urban areas where satellite-based GPS signals aren’t available or reliable. NextNav is deploying its MBS network similarly to a cellular network, creating wide-area coverage intended to reach every building within its network presence. The company says the funds from its latest financing will be used to extend commercialization of the MBS positioning network. NextNav closed a $70M Series D financing led by New Enterprise Associates and Oak Investment Partners, with participation from Columbia Capital, Telcom Ventures and Goldman Sachs Investment Partners. As part of the round, Peter Barris (NEA) and Bandel Carano (Oak) will join NextNav’s board of directors.

Participated · Equity · Sep 2019

SmartDrive Systems offers a video-based safety telematics and transportation intelligence platform that captures video and vehicle-system data to deliver context and insights to commercial fleet operators. Its advanced data-driven safety programs aim to improve driver performance, safety, and regulatory compliance. Programs can be tailored to a wide range of fleets and are marketed as reducing collisions and fuel costs, providing clear ROI. The company was established in 2005, is led by CEO Steve Mitgang, and is based in San Diego. SmartDrive employs over 725 people worldwide. It plans to use the new funding to accelerate innovation in computer vision and AI, enhance sales and marketing, and further international expansion. The company reported securing $90M in financing to support these initiatives. San Diego-based SmartDrive Systems develops video- and sensor-based driver safety systems used primarily by commercial fleets. The company said it will use new funding to expand its strategy for fleet telematics and mobility services. SmartDrive plans to invest the proceeds in R&D, sales and marketing, and expansion in North America and international markets. The company is led by CEO Steve Mitgang. Michelin North America made the new investment alongside continued support from existing investors New Enterprise Associates, Oak Investment Partners and WABCO. The size of the preferred-stock investment was not disclosed. SmartDrive Systems is a San Diego-based provider of video-based safety technology for commercial fleets. The company offers video-based analytics that give fleets and drivers access to driving performance insight and analysis to improve skills and lower operating costs. Led by CEO Steve Mitgang, SmartDrive employs over 400 people worldwide. The company said it will use new funding for global expansion, product innovation and to grow its patent portfolio. SmartDrive raised $50M in the reported financing from strategic and financial investors. WABCO committed $20M and agreed to integrate SmartDrive’s video-based analytics into its commercial vehicle fleets worldwide. SmartDrive Systems builds driving intelligence solutions that record comprehensive video-based road data, review and score critical events, and deliver a managed service for fleet managers to improve driver safety. Its Safety and Fuel programs are used by public and private fleets across industries including public transit, commercial trucking, waste hauling, food and beverage delivery, and shuttle operators. The company says its programs can improve fuel efficiency by up to 30%, save as much as $12,000 per vehicle annually, and reduce collisions by as much as 80%. SmartDrive has compiled the world’s largest database of risky driving events, with more than 44 million recorded unsafe driving incidents. The company is based in San Diego and employs over 375 people worldwide. Following a newly announced $47 million venture funding round, SmartDrive plans to accelerate customer adoption, expand channel partnerships, and advance industry-leading research and development. SmartDrive Systems provides fleet management and video-based driver safety solutions aimed at reducing collisions and improving liability insights for fleet managers. Its flagship SmartDrive Safety system records driver video to show causes of accidents — for example, driver distraction or third-party fault — and the company says it can cut collision frequency by as much as 50%. Beyond safety, SmartDrive has developed SmartDrive Operations to help operators lower fuel costs by tracking off-route and off-hours usage, speed monitoring and educating drivers on efficiency. An ongoing study reported by the company found fuel consumption reductions up to 24% through eco-driving measures such as avoiding idling and not driving too fast. Financially, SmartDrive has secured $10.1 million of a planned $11.5 million financing per an SEC filing, with participation from existing backers including X/Seed Capital Management, Oak Investment Partners and New Enterprise Associates. The company says it will use the new funding to broaden the scope of its AI, including automating new administrative tasks.

Participated · Equity · Jul 2019

MobiTV is an early mover that repurposed its mobile-TV technology into a set-top-box-free IPTV platform, launching the current platform in 2016 after a pivot. The company offers MobiTV Connect, which provides access to about 350 channels (including A+E Networks, AMC Networks, Crown Media, C-SPAN, Disney, ESPN, SHOWTIME and Viacom) delivered to smart TVs and streaming devices like Fire TV, Roku and Apple TV. MobiTV has commercial deals with roughly 90 cable and other TV operators, covering about 2 million people, and can be deployed alongside or in place of traditional set-top boxes. The product pitch centers on lowering total cost of ownership for operators and offering flexibility to add channels via apps rather than hardware. Management says the company is expanding internationally and using the new capital to continue building momentum. Financially, MobiTV has raised a new $50 million growth round and previously raised $21 million in 2017 during its late-stage pivot. MobiTV offers the MobiTV Connect platform to enable pay-TV and on-demand providers to stream broadcast TV, deliver catch-up and recording, and eliminate the need for set-top boxes. The platform can be embedded into devices like Amazon Fire TV and Apple TV to add live TV services. The company has been pivoting from its original mobile-TV roots toward living-room IPTV and has signed deals with C Spire, DirectLink and Citizens Fiber. It has also tested the service with Reliance Jio in India, delivering 350 live channels, seven-day catch-up and DVR features. MobiTV plans to use the new funding for further product development, marketing and additional sales hires, and may consider a name change to reflect the shift. Historically cash-flow positive, the company has temporarily dipped out of that position while pursuing growth and is not disclosing valuation (sources say it is under $500M). MobiTV operates a platform that delivers television to mobile phones and offers a PC product that provides 24 channels when accessed from an AT&T Wi‑Fi hotspot. The company is described as having an existing, battle‑tested platform with distribution deals and relationships that could be a competitive advantage. The reporting says MobiTV recently raised another $30M, adding to about $70M in prior financings for roughly $100M in total capital raised. Journalists have questioned why the company needs that level of funding given its current mobile‑focused audience. The article suggests the company could expand beyond the mobile niche by negotiating with cable companies and networks to allow viewing from any broadband connection and on normal televisions, PCs, and mobile devices. It also speculates the funds might be used to secure partnerships or pay incumbents (potentially via stock), likening the approach to tactics used by Netflix and YouTube, and notes there may be a major announcement forthcoming.

Led · Series E · May 2018

Protean Electric designs, develops and manufactures ProteanDrive, a fully integrated in-wheel drive solution positioned for the hybrid and electric vehicle market. Using a scalable, patented sub-motor architecture, the Pd18 is designed to fit inside an 18" wheel rim and deliver power and torque for C-segment through light commercial vehicles. The technology promises packaging advantages, new vehicle design opportunities, performance benefits and cost savings, and enables features such as augmented ABS, torque vectoring and digital corner control. Protean completed a $40 million equity investment as the initial closing of its Series E and will use proceeds to support ongoing business activities and establish a global licensing model. As part of the financing, investor Weifu will form a joint venture in China to manufacture the Pd18 and host a technology center focused on customer application and manufacturing process engineering. Protean maintains operations in the United Kingdom, China and the USA, with a manufacturing plant in Tianjin, China. Protean Electric designs, develops and manufactures Protean Drive in-wheel motors, an integrated in-wheel drive solution that converts electricity directly into power to propel hybrid and electric passenger and commercial vehicles. The company intends to use the new funding to ramp up production in China of its PD18 product line and to support new product development. It plans to form a manufacturing joint venture with Zhejiang VIE Science & Technology Co. Ltd. that will handle production and marketing of additional in-wheel motor products. Protean maintains operations in the United Kingdom, Shanghai, China and the United States and operates a manufacturing plant in Tianjin, China. The company is led by CEO KY Chan. The article does not disclose specific operating metrics or prior financing amounts beyond the current funding. Protean Electric designs, develops and manufactures the Protean Drive™, a fully integrated in-wheel motor, direct-drive solution. Led by chairman and CEO Bob Purcell, the company focuses on clean-technology electric drive systems. It has raised $84M in new funding to advance its technology. Protean plans to use the proceeds to bring its electric drive technology to production by establishing manufacturing facilities in Liyang, Jiangsu Province. The company intends to begin prototype motor production in China early next year and target volume production in 2014. Protean maintains offices in the United States, the United Kingdom, Hong Kong and Germany.