$6.2 Million Raised by iMemories

iMemories, Inc., a Web destination for digitizing, storing and sharing personal videos and photos in any format, received $6.2 million in Series B funding led by venture capital firm Capital Southwest.

This brings iMemories’ total outside financing to $11 million. Bill Ashbaugh, senior vice president with Capital Southwest, will assume a seat on the company’s board of directors chaired by former chairman and CEO of Cold Stone Creamery Doug Ducey.

The funding will further solidify iMemories’ leadership position in the emerging market of social entertainment – online video and photo sharing for families, inclusive of both analog and digital media formats. The market is experiencing exponential growth as consumers seek more ways to preserve, store and share their personal videos and photos safely and conveniently with their ‘social graph’ that includes family, friends, colleagues and acquaintances. According to ABI Research, one billion viewers are expected to access video online by 2013.

"Personal images have never been more important. Videos and photos are woven into people’s daily lives, identities and their connections to both past and present,” said Mark Rukavina, founder and CEO of iMemories. "Images have always been priceless, but thanks to the unprecedented and sustaining impact of social media, images are more front and center than ever before, and have solidified their role as the new social currency of personal status, connection, and expression.”

Consumers use iMemories as the central location to house their videos and photos. Whether they were originally recorded on film or videotape, or captured digitally via a modern camcorder, camera or mobile phone, iMemories offers a safe, convenient and accessible way for memories to live on. Entrepreneur Magazine recently named iMemories among its ‘100 Brilliant Companies for 2009.’

“iMemories has all the key factors we look for in a successful investment,” said Bill Ashbaugh of Capital Southwest. “They are meeting a seemingly insatiable demand in the marketplace, led by a proven executive team that has put in place the technology innovation and distribution model that makes them truly without peer in the market.”