Chumby Industries Secures $12.5 Million in Series B Funding
Marc Sokol of JK&B Capital Joins Board of Directors
SAN DIEGO--(BUSINESS WIRE)--Chumby Industries announced today it secured $12.5 million in Series B financing. The lead investor was JK&B Capital, and other participants included existing venture investors, Avalon Ventures, Masthead Venture Partners and O’Reilly AlphaTech Ventures (OATV). The Series B financing will be used to accelerate growth of the company, and expand and broaden the Chumby Network™ to other screen-based Internet connected devices.
“As the next step of our strategy, we will focus on establishing relationships to broaden distribution to other screen-based devices such as digital photo frames and LCD TVs.”
“We are pleased to receive this financing which will enable us to execute our vision and grow distribution of the Chumby Network,” said Stephen Tomlin, CEO and founder, Chumby Industries. “As the next step of our strategy, we will focus on establishing relationships to broaden distribution to other screen-based devices such as digital photo frames and LCD TVs.”
In addition, Marc Sokol of JK&B Capital will join Chumby Industries’ Board of Directors. Sokol brings more than 8 years of venture capital and 30 years of operating experience including executive roles at Computer Associates. His diverse background encompasses experience in engineering, product positioning, marketing, and business development. Sokol is also on the Board of Directors for AppStream, ClearPoint Metrics, Vormetric, Scalent Systems, AlterPoint, CounterStorm, Splunk and Cittio.
“Chumby Industries is creating a revolutionary new experience for personalizing the Internet, and I am delighted to join the team,” said Marc Sokol, Partner, JK&B Capital. “There is tremendous opportunity to build a massive network targeted at the next generation of connected devices.”
Last month Chumby Industries publicly launched the Chumby Network, a rapidly expanding open pipeline of user-created and commercial widget applications from high-profile media partners that offers the latest news, weather and entertainment as well as the ability to share photos, widgets and ecards with family and friends. Also launched in February 2008 was the chumby™ device, one of the most versatile and lifestyle-friendly Internet enabled devices on the market today, that enables people to receive a constant personalized broadcast of their favorite parts of the Web.
About JK&B Capital
Founded in 1996, JK&B Capital is a Chicago-based venture capital firm with more than $1.1 billion under management which focuses on the communications and software markets. JK&B has established a track record of generating exceptional returns through its unmatched technology and operational expertise and its rigorous research and investment approach.
About Chumby Industries
Headquartered in San Diego, CA, Chumby Industries makes, sells, and licenses the chumby™, a compact device that connects via a wireless Internet connection and gives people a fun, hassle-free way to enjoy what they want most out of the Internet, always on and simply at a glance. Chumby Industries also runs the Chumby™ Network, a rapidly expanding open pipeline of user created and commercial widget applications from high-profile media partners such as CBS, MTV Networks, MySpace, The Weather Channel Interactive, AOL’s SHOUTcast and Scripps Networks among many more. Offering the latest news, weather and entertainment as well as the ability to share photos, widgets, e-cards and more with family and friends, Chumby Industries provides an open platform, enabling the chumby to be constantly updated by any user, developer, media company or content creator to enhance and improve the Chumby experience.