Clearleap Secures New Funding, Expands Senior Management Team

Clearleap, an Atlanta-based company that is developing a platform which it bills as making available "the virtually limitless diversity of video...such as any movie or TV show ever made, sports from international competitions to local high school football, special interest programs, and user-generated content...to viewers on their TV sets in the comfort of their living rooms," says that it has secured $3.3 million in venture debt financing from Silicon Valley Bank. Earlier this year, the company closed a $9 million Series A equity investment from Trinity Ventures and Noro-Moseley. Clearleap says it will use the new funding to enhance the development of its infrastructure and business management products for TV service providers and content owners. "Silicon Valley Bank recognizes the enormous potential that our technology offers and despite the current economic downturn, has chosen to invest in our future and ultimately the next generation of television," Braxton Jarratt, Clearleap's co-founder and CEO, said in a prepared statement. "This latest financial infusion will help Clearleap achieve its vision and ensure ample capital reserves to get through today's turbulent economic environment." Added Dale Kirkland of Silicon Valley Bank's Atlanta office: "The Clearleap team has great respect in its industry and is poised to make a significant impact on the future of television. We look forward to providing them the additional resources they need to continue to grow and expand their product offerings."

Shortly before announcing its new funding, Clearleap announced the appointment of three new executives to its senior management team:

  • Adrienne Steinberg has been named VP of business development. She was previously VP of strategic partnerships at AOL, in which role she was responsible for the company's relationships with such companies as HP, Samsung, Sony, Apple, Adobe and Microsoft. Prior to that, she worked in corporate finance and mergers and acquisitions, specializing in online start-up financial services. She holds a BS in finance from the University of Virginia and an MBA from the University of California, Berkeley.
  • Rick Young has been named VP of products and services. He was previously VP of product management at digital content distribution and management specialist, Pathfire, where, according to Clearleap, he was responsible for developing the design and implementation of the company's news, entertainment and advertising solutions. Prior to that, he spent stints at ABC NewsOne and at the Associated Press, where, Clearleap says, he was a key member of the team responsible for developing and implementing a successful newsroom computer system product line. He holds a BA from Pennsylvania State University.
  • Gabriel Berger has been named VP of sales. He was previously VP of sales at interactive TV and addressable advertising technology provider, Navic Networks. According to Clearleap, he played a key role in Navic's acquisition by Microsoft, and served as the primary liaison to Comcast during the latter's launch of various Navic products. Prior to his stint at Navic, he was VP of business development at Gotuit Media, where he was responsible for selling that company's technology and services to major MSO's such as Comcast, Time Warner Cable and Cox. He also held senior-level sales positions at OpenTV and at MTV Networks' The Box Music Network. He attended American University's School of International Service in Washington, DC.