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News and Information Article
Initial Investors BRM Capital and Wheatley Partners Close Out Round
NEW YORK, May 16 // -- Pando Networks Inc., creators of a
peer-to-peer distribution solution for the private transport of consumers
digital media, today announced the completion of $7 million in financing
led by Intel Capital.
(Logo: http://www.newscom.com/cgi-bin/prnh/20060516/NYTU050LOGO )
The investment will support the launch of Pandos first consumer
offering, a solution for sharing personal media -- home movies, folders of
family photos, business presentations -- too large to send via email. A
small, free, downloadable application, Pando allows users everywhere to
conveniently share high quality digital media using their existing email
addresses.
Intels investment in Pando is being made through its Digital Home
Fund, which invests in companies developing technologies that let people
enjoy their digital content on multiple devices in the home and beyond.
Private equity investors BRM Capital and Wheatley Partners, which provided
the companys first round of financing, also participated in this round.
Since its closed-beta launch five months ago, Pando has become a viral
success story with more than a half-million people having installed the
software. To date, Pando has delivered more than a petabyte, or 1 billion
megabytes, of data.
"Sharing personal media such as home videos and photos over the
Internet has exploded over the past year and is part of Intels
comprehensive vision for the Digital Home," said Curt Nichols, vice
president and managing director of the Digital Home Fund for Intel Capital.
"Pandos products accelerate this trend by allowing people to share
increasingly larger media files that current programs cannot support, in a
very easy-to-use email format."
Featuring a highly intuitive, drag, drop and send interface, Pando
combines the best aspects of peer-to-peer technology with the
send-and-forget paradigm of email. Using Pando Networks expanded
BitTorrent technology, Pando bypasses the email server to transport "Pando
Packages," a combination of files and/or folders, which are then downloaded
directly from the Pando network to the recipients computer.
"Pandos unprecedented ease of use and direct desktop-to-desktop
functionality is perfect for people who dont have the time or inclination
to maintain a social network site. Pando lets you simply send your personal
media, hassle-free," said Robert Levitan, Pando Networks co-founder and
CEO. Levitan also co-founded media site iVillage, which was sold recently
to NBC/Universal.
About Pando Networks, Inc.
Pando Networks is a privately held company that provides the transport
for todays large personal media. The company offers a free, simple to use
consumer application with an underlying peer-to-peer network architecture.
Based in New York City, Pando Networks is led by CEO Robert Levitan, who
previously co-founded iVillage. The company is funded by Intel Capital, BRM
Capital and Wheatley Partners. For more information, please visit
http://www.pando.com .
About Intel Capital
Intel Capital, Intels venture capital organization, makes equity
investments in innovative technology start-ups and companies worldwide.
Intel Capital invests in a broad range of companies offering hardware,
software and services targeting enterprise, home, mobility, health,
consumer Internet and semiconductor manufacturing.
Since 1991, Intel Capital has invested more than US$4 billion in more
than 1,000 companies spanning more than 30 countries. During this time,
about 160 portfolio companies have been acquired and another 150 have gone
public on exchanges around the world. In 2005, Intel Capital invested about
US$265 million in about 140 deals with approximately 60 percent of funds
invested outside the United States. For more information on Intel Capital
and its differentiated advantages, visit http://www.intelcapital.com .
This investment is in Intel Capitals $200M Digital Home Fund. Intels
Digital Home Fund represents a significant step in the companys strategy
to enable people to enjoy digital content - including music, photos and
video - on multiple devices in the home and beyond. This fund invests in
companies developing hardware and software, as well as connectivity and
supporting technologies. Through this and other work, Intel is leading
efforts to drive the convergence of personal computer and consumer
electronics devices on a seamless, wireless home network.
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