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LiveClips Closes $1M

2011-08-17
Connecticut Innovations made the investment through its Eli Whitney Fund.
STAMFORD, CT, Connecticut Innovations (CI), the state's quasi-public authority responsible for technology investment and innovation development, and LiveClips, a pioneer in delivering live sports action to fans via any Internet-enabled or mobile device, announced today that CI has made a $1 million investment in LiveClips, through its Eli Whitney Fund. LiveClips recently relocated from New York City to Stamford.

LiveClips' multi-screen service offering delivers in-game video clips to smartphones, tablets, PCs and any Internet-enabled device significantly faster than competitive service offerings. Additionally, LiveClips is unique in its ability to provide personalized socially-enabled video content fans can share via Facebook¨, Twitter¨ and other social media.

"LiveClips provides fans with the ability to view what they want, when they want, where they want, within seconds of the live action," said LiveClips CEO Lewis Bakes. "With LiveClips, the sports leagues and broadcasters who are our customers will be able to develop new revenue and profit centers while delivering the real-time video notifications and alerts fans crave."

LiveClips has increased its staff by 300% since March and recently relocated to space previously occupied by Oracle¨ Corporation. Over the past year, LiveClips technology has been used by Major League Baseball¨, and by ESPN¨ for NCAA¨ college football and the FIFA World Cup¨. LiveClips is currently in discussions with multiple broadcasters and sports leagues, and is also developing several fantasy sports league offerings.

"We are solidifying relationships with strategic investors and partners who can help LiveClips expand quickly enough to meet the demands of the growing marketplace," said Bakes. "The confidence that Connecticut Innovations has demonstrated in our technology, our people, our business model and the mobile sports video space by its $1 million investment represents another significant step in positioning us to achieve our goals."

"LiveClips helps satisfy sports fans' intense appetite for up-to-the-minute game highlights, offering unmatched speed and customization," said Peter Longo, president and executive director of CI. "Given the capabilities of its technology and the huge potential audience, LiveClips presents a very attractive investment opportunity for CI. The company is a great addition to Connecticut's robust digital media cluster."

Russ Tweeddale, CI's managing director of investments, will sit on LiveClips' board of directors.

About Connecticut Innovations Inc.

Connecticut Innovations (CI) is a quasi-public organization dedicated to driving a vibrant, entrepreneurial, technology-based economy in Connecticut. CI stimulates high-tech growth by investing in early-stage Connecticut technology companies, university/industry research collaborations and technology transfer and collaborating with government, business, nonprofit and academic organizations to advance technology growth and promote public policies consistent with CI's mission. Additionally, CI supports clean energy and energy efficiency initiatives through its administration of the Clean Energy Finance and Investment Authority. For more information on CI, please visit www.ctinnovations.com.

About On Demand Real Time LLC, d/b/a/ LiveClips

LiveClips (www.LiveClips.com) is an innovator and leader in the development and delivery of instantaneous video content from live sporting events to any Internet-enabled device. Headquartered in Stamford, Connecticut, LiveClips is a game-changer. Its advanced technology automates the previously time- and labor-intensive processes of creating game clips and highlights, enabling broadcasters and rights holders to dramatically increase the efficiency of their sports coverage. LiveClips is also pioneering a new era of mobile engagement by creating instant in-game clips that users can filter by teams, players and kinds of plays. Founded in 2008, LiveClips technology has been used by Major League Baseball¨ and by ESPN¨ for NCAA¨ college football and the FIFA World Cup¨.

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