Santa Clara, CA -- September 11, 2001 -- Silicon Valley Bank (the "Bank"), a wholly owned subsidiary of Silicon Valley Bancshares, announced it provided Digital Media on Demand, Inc. (DMOD) with a $1 million working capital line of credit and a $2.25 million equipment line of credit.
Allston, Massachusetts-based DMOD is a leading developer of secure distribution and commerce solutions for digital assets. The DMOD system offers a secured, end-to-end distribution and flexible rights management system that is easily customizable to suit the needs of both technology and content providers.
"This facility from Silicon Valley Bank demonstrates tremendous confidence in our business plan and provides us with the working capital we need to sustain our growth strategy," said Brett Austin, vice president of finance for DMOD. "The financing comes at a critical time as we invest in additional development capacity to meet our increased demand."
"We are impressed with the technology developed by DMOD in the digital assets market," said Joan Parsons, Silicon Valley Bank's Northeast division manager. "Additionally, we are impressed with their history of growth and plans for the future."
Digital Media On Demand, Inc. (DMOD) is the leading developer of secure distribution and commerce solutions for digital assets. The "end-to-end" design of the DMOD solution, with its "on-the-fly," multi-key encryption technology, combines a seamless user interface with the highest level of encryption available for all digital content formats, thus enabling the safe and manageable content distribution of music, video, software and text. Founded in 1996, DMOD is a pioneer in the field of secure content distribution, and was the first company to publicly distribute secure MP3 files. Headquartered in Boston, Massachusetts, DMOD is privately-held and funded by Greylock, Intel Corporation, Pilot House Ventures and Sage Hill Partners. For more information on DMOD, visit www.dmod.com.
About Silicon Valley Bank
Silicon Valley Bank serves emerging growth and middle market companies in targeted niches, focusing on technology and life sciences, while also addressing other specific industries in which it can provide a higher level of service and better manage credit through specialization and focus.
The Bank operates throughout the Silicon Valley: Santa Clara, Palo Alto and Sand Hill, the center of the venture capital community in California. Other regional offices within California include: Irvine, Los Angeles, Napa Valley, San Diego, San Francisco, Santa Barbara, and Sonoma. Office locations outside of California include: Phoenix, Arizona; Boulder, Colorado; West Palm Beach, Florida; Atlanta, Georgia; Chicago, Illinois; Boston, Massachusetts; Minneapolis, Minnesota; Durham, North Carolina; Portland, Oregon; Philadelphia, Pennsylvania; Austin, Texas; Dallas, Texas; Northern Virginia; and Seattle, Washington.
SVB Contact: Andrea McGhee, (408) 654-3078, email@example.com.