Appscio News: Press Release

Avidence Secures $5.0 Million in Series A Funding

Investment drives company growth and development of open source solutions for making video content easily available to business applications.

SUNNYVALE, CA – March 19, 2007 – Avidence Inc. today announced it has secured $5.0 million in first round financing from Red Rock Ventures and ArrowPath Venture Partners. Investment proceeds will be used to further product development, sales, and marketing activities. The Avidence vision is to revolutionize how people use digital video in the enterprise.

Founded in 2006, Avidence is developing the industry’s first open source platform for incorporating video into new and existing business solutions. The Avidence Video Application Server uses open source components and algorithms created by leading video software partners, software developers, and universities from around the world. The open source model allows the Avidence system to continue to expand in scope and functionality as new components and algorithms are created by the growing ecosystem of Avidence partners and developers.

"Avidence was founded on the principle of delivering the power of sight to mainstream enterprise applications," stated Frank Bishop, CEO of Avidence and former VP and GM at Oracle (NASDAQ: ORCL). "With the Avidence system it is possible to automate very complex tasks that previously were dependent upon human sight."

The Avidence product offering is unique in its ability to organize raw video streams, either live or recorded, into structured, coherent and actionable information. Its rich set of development tools eliminates the complexity of building video-enabled applications and simplifies integrations with enterprise systems, enabling developers to exploit the power of video technology without requiring extensive digital video expertise.

"Avidence is revolutionizing the use of video in the enterprise", said Richard Strobridge, vice president of sales and marketing of Awarepoint, makers of RFID asset tracking applications. "By building a truly open video application server, Avidence has made it easy for partners like Awarepoint to integrate video into our solutions to solve real-world business problems."

With Avidence, now your applications can see.

Press Contact:
Eden Hensley
Director of Corporate Communications, Appscio
Phone: 408-212-0236
pr@appscio.com