The round was led by Alan Patricof and his new venture fund, Greycroft Partners, along with Ron Conway’s Angel Investors LP and Village Ventures, the company said.
The company said it wants to move into other media areas, such as music, digital video and film.
There are several companies already offering similar products, and its too early to tell how well ImageSpan is doing.
Here is a copy of the company’s (jargon-laden) announcement:
ImageSpan Inc.â„¢, a licensing automation platform for digital media and the trusted License Registry solution behind the only global standard (PLUS) for digital images, today announced the completion of its Series A financing, and has rounded out its board of directors. The Series A The company did not disclose details of the round, and is ImageSpan’s first outside funding.
Additionally, the company announced its board of director positions including Iain Scholnick, Chairman and CEO; George Tronsrue, Vice Chairman; Drew Lipsher, Greycroft Partners; Scott Lipsitz, Rainmaker Capital LLC; and Christopher Osborne.
“In just a short period of time, Iain Scholnick and the ImageSpan team have established and deployed a unique licensing automation platform for digital content that we believe will have significant value for advertising agencies, marketing firms, and to those providing commercial- and user-generated local content,” said Alan Patricof, founder and managing director, Greycroft LLC. “We believe that the company’s future entry into other mediums such as music, digital video and film will significantly increase the ImageSpan’s market opportunities on a global scale. My partners and I look forward to working with Iain and his team and being actively involved in ImageSpan’s growth and success.”
The new investors join an existing group of high-profile, respected individual investors including Scott Lipsitz, Rainmaker Capital LLC; Jeff Shear, ImageSpan Chief Technology Officer and former Vice President of Technology and Business Operations, Corbis; George Tronsrue, Board Member, InfoSpace; and Jericho Fund LLC; and Paul McBride, former CFO, Internap.
The proceeds of the funding will be used to continue engaging with major agencies, media companies as well as automated advertising platforms in order to accelerate the company’s growth. ImageSpan’s role powering the License Registry and transaction and licensing middleware for the Picture Licensing Universal Standard (PLUS), a global standard for digital image licensing, is also a strong element in ImageSpan’s growth. By powering the PLUS License Registry and through partnerships, ImageSpan accesses an enormous volume of raw content requiring ImageSpan licensing automation to turn into “licensing ready” or “licensing legal” digital content. ImageSpan is content, software and search platform agnostic.
“Alan Patricof and his team at Greycroft Partners bring world-class business management expertise, and have invested in a number of high impact digital media companies. We are thrilled to have them both as an investor and our business partner,” stated Iain Scholnick, ImageSpan Chairman and CEO. “Furthermore, ImageSpan’s solution is unique in that it automatically ingests and then publishes media content as “revenue ready” data objects for TV, Internet, or print media, which gives us the opportunity to be a significant factor in the marketplace,” Scholnick continued.
ImageSpan is a Licensing Automation platform running as a managed exchange service. The company independently offers a comprehensive suite of applications and tools for use with the licensing of all types of digital media, connecting buyers and sellers to find, buy and legally settle royalty payments in minutes, rather than months. ImageSpan is a trusted solution provider and the exclusive license automation provider to the PLUS Coalition, the global standards organization for the image licensing industries. For more information, please go to www.ImageSpan.com or call 415.259.4529.
(Originally posted 2/16)