Clearleap Raises $9M in 1st Round

Clearleap, a new video technology company based in Atlanta, has closed its first round of venture capital funding. Industry leaders Trinity Ventures of Menlo Park, California and Noro-Moseley Partners of Atlanta, Georgia co- led this $9 million investment.

Named to Clearleap ’s Board of Directors are Trinity Ventures’ General Partner Fred Wang, and Alan J. Taetle, General Partner at Noro-Moseley Partners. Among those taking a minority stake are Jim Chiddix, former CTO of Time Warner Cable, and Sig Mosley, President at Imlay Investments, Inc.

“Financial backing from industry leaders like this will help us more quickly deliver the next generation television experience,” said Braxton Jarratt, co-founder and CEO of Clearleap. “We welcome Alan and Fred to our Board, and look forward to the impact they will have on Clearleap’s success.”

Clearleap develops technologies that will expand viewer options for “what’s on TV,” creating a new model that brings the breadth and diversity of internet video to the convenience and quality of TV. Clearleap was co-founded by Braxton Jarratt and John Vecchio, veterans of venture funded N2Broadband, a video pioneer acquired by Tandberg for $120 Million in 2005. Both held executive positions at Tandberg Television (an Ericsson company), and Jarratt held senior positions at Cox Enterprises and Vecchio at Scientific Atlanta (now a part of Cisco).

“We are impressed by Clearleap’s pioneering approach to video delivery – a market with tremendous year-over-year growth and great opportunity,” said Fred Wang, General Partner at Trinity Ventures, and member of Forbes’ Midas List in 2008. “Trinity is excited to be a part of a venture that will have a huge impact on media and entertainment.” Clearleap is the first Atlanta-based investment made by Trinity Ventures.

“Braxton and John are cutting a new path at an important time in the evolution of the internet and TV,” said Alan J. Taetle, General Partner at Noro-Moseley Partners. “We’re happy to back these proven leaders, and excited to again have Atlanta at the center of great television technology.”

In addition to Mr. Taetle’s Board role, Greg Foster, former VP Corporate Development at Turner Broadcasting and new General Partner at Noro-Moseley, will take an active role in advising the company.


back