LOS ANGELES, Aug. 14, 2006 (PRIMEZONE) -- Provenance Ventures (www.provenanceventures.com), an early-stage venture capital firm, today announced the closure of the firm's first Fund at $10 million. The firm is focused on investing in innovative companies that leverage social technologies to advance society. The first Fund will focus on early stage Media and Communication companies worldwide.
Provenance Ventures' Founder and Managing Director, Bryan Biniak, is credited for his active development and advancement of the media and communications market. He has led the strategy, development and operations for five start-up companies in North America, Asia and Europe, ranging from interactive media and gaming to wireless communications. Prior to founding Provenance Ventures, Biniak served as senior vice president and general manager for AG Interactive's Mobile, Messaging & Social Communications Division. AG Interactive is the new media division of American Greetings Corporation (NYSE:AM). Biniak previously served as chief operating officer for Moviso, in which he was a member of the management team that sold the company to InfoSpace in November, 2003. He served as COO of YourMobile and oversaw its sale to Vivendi Universal in January 2002. Biniak also served as Vice President and a founding member of MIT Media Lab spin-off Harmonix Music Systems -- developer of award winning Guitar Hero.
Biniak is a leader in industry associations and currently serves as a member of the Cellular Telecommunications Internet Association's (CTIA) Executive Committee. He is co-chairman of CTIA's Mobile Content Action Committee, where he is leading efforts to establish a cross-carrier super distribution network as well as industry policy on downloadable media, Digital Rights Management (DRM), and a content rating and classification system for North America. He has also served as a Board Member of the Mobile Entertainment Forum (MEF) and co-founded of the Mobile Media Institute at the University of Southern California.
"Provenance Ventures' investment strategy is to back early-stage, innovative companies that advance society," said Biniak. "The proliferation of cross-platform communications, interactive media and wireless technologies is establishing the framework for a new era in societal advancements. It is this concept that fuels our founding principle -- to provide entrepreneurs and early-stage companies focused on social technologies with the financial and operational means to succeed."
Provenance Ventures plans to make 20 to 40 investments over the life of its first Fund, with total investments ranging from $250,000 to $500,000 per company. The firm is currently evaluating proposals from early-stage technology companies in the Media and Communications industries, focusing on social technologies. The closing of the $10 million first Fund was led by private investors.
"Bryan's active CTIA participation, business vision and industry experience has led the development and advancement of the communications market," said, Mark Desautels, vice president Wireless Internet Development for CTIA -- The Wireless Association. "We look forward to his new role with Provenance Ventures leading to the emergence of innovative companies that will further change the dynamics of the way in which we communicate."
Biniak added, "The continued innovation and impact that technology has on society makes it an exciting time to be in the venture capital market. Provenance Ventures is looking forward to building out its portfolio companies to support and lead from initial growth to successful exit."
About Provenance Ventures
Provenance Ventures is a venture capital firm that focuses on developing seed- and early-stage social technology companies. The firm places value on the building of sustainable, high growth businesses through partnerships with entrepreneurs and operational execution. Founded in 2006, the first Fund of $10 million focuses on investments in companies within the Media and Communications industries. For more information please visit http://www.provenanceventures.com.