TiVO Inc. announces Vulcan Ventures investment
SUNNYVALE, CA - January 7, 1999 - TiVo Inc., the creator and leader in personal
television, today announced an agreement by Vulcan Ventures Inc, the investment
organization of Paul G. Allen, to invest in TiVo. The financing, which the parties
expect will be completed within the next month, will add yet another powerful venture
capitalist to TiVo's portfolio of investors. Founded in 1997, TiVo is preparing
to launch its eagerly anticipated Personal Television Service this quarter.
"This investment signals the tremendous potential for TiVo's Personal Television Service," said Mike Ramsay, President and CEO of TiVo. "Television viewers have been demanding control and personalization of their viewing for years. TiVo is the first company to deliver this breakthrough service which brings the concept of intelligent search, personalization and control to television for the first time." "We believe there is significant potential for the delivery of digital services to the home," said William Savoy, President of Vulcan Northwest. "TiVo's Personal Television Service takes concepts such as intelligent search, personalization and electronic commerce which have been critical to the development of the Internet and delivers them to the television."
TIVO'S PERSONAL TELEVISION SERVICE
The TiVo Personal Television Service allows consumers to take control of their television viewing experience by teaching TiVo their likes and dislikes. From this, the TiVo service delivers their favorite shows and takes their preferences to make suggestions about other shows that may be of interest. The "good stuff" is automatically delivered so viewers can watch their favorite shows at their convenience without having to channel surf - making "primetime" television available any time of the day or night. For the first time ever, TiVo enables full control of live programs as well as up to 40 hours of recorded shows with the ability to pause, rewind, instant replay and playback in slow-motion any broadcast.
ABOUT VULCAN VENTURES INC.
Vulcan Ventures Inc. of Bellevue, Washington was founded by Paul G. Allen in 1986 to research and implement his investments. Allen's investments through Vulcan Ventures are long-term, as his goals enable him to take above-average risks and a long-term view. Through Vulcan Ventures, Allen invests in companies which offer products, services or technologies that fit his wired world strategy, and can contribute to or benefit from the technology and strategy of other Paul Allen companies. William D. Savoy is president of Vulcan Ventures and represents Allen in his professional and personal financial transactions as well as managing the Vulcan analysts who investigate and secure investment opportunities. Allen remains chairman of Vulcan.
ABOUT TIVO INC.
TiVo, headquartered in Sunnyvale, Calif. is the creator of personal television. TiVo's easy-to-use service and patented consumer electronics technology will allow consumers to take control of their television viewing experience by teaching TiVo their likes and dislikes. The TiVo service delivers their favorite shows and takes their preferences to make suggestions about other shows that may be of interest. For the first time ever, TiVo enables full control of live programs through the ability to pause, rewind, instant replay and playback in slow-motion any broadcast. The company was founded in August 1997 by former Silicon Graphics senior vice president Michael Ramsay and vice president James Barton, both of whom have been instrumental in earlier generation efforts of interactive video-on-demand systems and technology that has powered Hollywood special effects. TiVo's board of directors includes Stewart Alsop of New Enterprise Associates, Geoff Yang of Institutional Venture Partners and WebTV founding director Randy Komisar. TiVo can be reached on the World Wide Web at www.tivo.com.