Crescendo Ventures led the round with Atlas Venture, TLcom Capital Partners and TTP Ventures all participating
Cognima, the effortless mobile imaging company, today announced it has closed a $12m funding round. The round was led by Crescendo Ventures. All of Cognima's current investors, Atlas Venture, TLcom Capital Partners and TTP Ventures, also participated.
280 million camera-phones are forecast* to be sold in 2005 (source: Future Image 2004 Mobile Imaging Report) with newer camera-phones having multi-megapixel resolution. These devices will account for the vast majority of digital images captured, but most of these photos remain stuck on the phone. Cognima enables camera-phone users to upload their photos and video clips effortlessly into online albums from where they can be shared and printed. This unlocks the phenomenal potential of camera-phones and enables Mobile Imaging industry players to create significant revenues from this market.
"Crescendo is delighted to lead this investment round in Cognima," said Ian Jenks, General Partner of Crescendo Ventures. "Cognima's technology is uniquely able to transfer photos and videos on and off mobile phones in a completely non-intrusive and totally reliable way, with just a single key press. The technology was designed to deal with the adverse real-world conditions of moving data over mobile networks whilst making the consumer experience effortless."
"This funding round will enable Cognima to build on its current commercial traction and seize a global leadership position within the mobile imaging industry," said Mark Bole, CEO of Cognima.
Cognima licenses its technology to service providers in the Mobile Imaging industry: primarily mobile network operators and online photo portals. Cognima's core value proposition is revolutionising the consumer experience for moving images between camera-phones and online photo albums. For mobile network operators, this drives a substantial increase in data traffic, and therefore ARPU, as consumers transfer their photos and video clips over the mobile network. Online photo portals benefit from capturing a much greater share of the images taken on camera phones, driving revenues from photo prints and advertising.