LiveClips receives additional $2.15 million investment

STAMFORD, USA: LiveClips, an innovator and pioneer in the creation, digitization and real-time delivery of smart video clips to sports and fantasy league fans via Internet-enabled and mobile devices, has received new investments totaling $2.15 million over the past two months.

CEO Lewis Bakes said LiveClips, received $1.15 million in late December from two funds focused on investing in Connecticut businesses and managed by Advantage Capital Partners, a 20-year-old national investment firm with more than $1 billion under management, and Ironwood Capital Connecticut of Avon (www.ironwoodcap.com), a 20-year-old regional investment firm with more than $400 million under management. Two private investors also participated, he said.

An additional $1 million cash infusion closed in February, he said, with $500,000 each from Advantage/Ironwood funds and Connecticut Innovations of Rocky Hill, the state’s quasi-public authority responsible for technology-based economic development. Last summer, Connecticut Innovations supplemented the initial investment made by Amazing Grace Media LLC, of New Canaan, a private firm led by Bakes, by investing $1 million in the company.

LiveClips’ proprietary smart video clipping technology ingests live feeds from games and creates, digitizes and then delivers discrete searchable video clips of every play and replay to Web-enabled or mobile devices within 10 seconds of live action, in accordance with personalized filters set by customers. Live Clips, which relocated to Stamford from New York City in 2011, created 83,000 discrete video clips, with 6,887 distributed to fans who viewed them over 65 million times during the 2011 NCAA/BCS college football season. ESPN® and Major League Baseball, among others, have worked with LiveClips’ technology.