Pressmart Media Limited has announced that it has secured a $6 Million funding from two of the most respected VC firms from the Bay area, Draper Fisher Jurvetson and NEA IndoUS Ventures, as it moves into its next phase of growth.
This investment will accelerate Pressmart’s global footprint and the resources to build on its market momentum, expanding its global sales, marketing, and customer-support presence across 35 countries where it currently serves over 350 print media customers. Pressmart’s strong SaaS based ePublishing and Digitization services have helped the company gain rapid recognition worldwide, coupled with a unique 360-degree service, that offers ePublishing, delivery, hosting, sub scri ption management, online payment, ad serving and user intelligence, all through one package.
Making the announcement Sanjiv Gupta, CEO, Pressmart, said “The adoption rate of our print-to-digital service has been remarkable over the past 24 months. Apart from leading international publishing houses, we are vendors to some of the most respected Global associations like the WAN, SNA, NNA etc This investment from Draper Fisher Jurvetson and NEA IndoUS Ventures, alongwith their combined energy and experience, will help Pressmart’s amplify its global leadership position in authenticated, published, structured, audit-trail able and aggregated content, distributed over new media channels rapidly.”
According to industry estimates, the worldwide print readership is in excess of 1.4 billion readers daily and the worldwide publications (including daily, weekly, monthly, quarterly, annual, large newspapers, community publications, journals, etc.) is in excess of 1.62 million. In India alone there are over 150,000 publications registered with RNI.
Pressmart also announced the induction of two highly accomplished professionals, Sateesh Andra, Venture Partner of Draper Fisher Jurvetson and Vinod Dham, Founding Managing Director of NEA-IndoUS Ventures (popularly referred to as the ‘father of the Pentium’), to strengthen its Board of Directors.
In his address Sateesh Andra, Draper Fisher Jurvetson, said, “Publications around the Globe are currently under tremendous pressure to increase their presence on the web and leverage new media/social media for content distribution. Pressmart’s Platform offers publishers a strong ROI and additional means of revenue.”
“I am very excited about the opportunity to invest in Pressmart and help make it a leader in the e-publication space. As the world goes digital, there is unlimited opportunity to deliver content in variety of electronic devices. Pressmart has developed an excellent technology platform to accomplish that in an easy, quick and flexible manner,” said Vinod Dham, Founding Managing Director of NEA-IndoUS Ventures.
There is an immense amount of information stored in the billions of physical pages in the world, whether it is through newspapers, magazines, journals or other documents. Pressmart has built the technology and capability to digitally archive this physical asset (information) into searchable, retrievable and repurposable content in XML format. Pressmart has already converted 400 years of newspapers, magazines, books, research papers, hospital records, manu scri pts and journals, apart from enterprise records, into future-proof digital content. Its digitization customers include leading publications in Australia, Germany, India and Thailand, besides a host of Government and quasi Government organizations. Pressmart has also built strong capability to offer digitization from Microfilms and Microfiche.
Pressmart is the industry’s most advanced solution for publishing electronic edition of Journals, newspapers and magazine or any other publication on multiple distribution channels like Web, Mobile, RSS, Podcast, Blogs, Search Engines, Article Directories and Social Networking Sites, with integrated revenue and cost-saving capabilities.
The service offered by Pressmart is highly customizable and collaborates with Web 2.0 services, proliferating print content with online community interaction. Its technology transforms the static online replica of a journal/newspaper/magazine into an intuitive, interactive online medium by way of features like Podcasts, Blogs, opinion polls and online shopping.
Using Pressmart’s technology, Publishers can quickly archive, digitize and electronically publish content, effortlessly. They can even track reading trends and analyze subscriber behavior – aiding not only editorial strategy, but also their ad sales efforts.