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February 1, 1998

ISLIP MEDIA COMPLETES FIRST ROUND OF FUNDING

By CBR Staff Writer

Islip Media Inc, the Pittsburgh based developer of systems for constructing network-based, searchable digital media libraries, has closed its first-round private financing of around $600,000, bringing total investment in the company to $1 million. The cash will be primarily be used to expand engineering and marketing efforts for its MediaKey Digital Library System. MediaKey is a video and audio management system that can be used to log video and audio in real-time production environments and carry out media indexing for archiving purposes. It converts analog video to a digital medium where it can more easily be stored in a database and accessed over an intranet or the Internet. The product is aimed at the television broadcasting, film production, medicine and education markets, as well as government agencies and large corporations. Islip was formed in 1996 to develop digital media library software and services. The Digital Media Library System uses speech recognition, language understanding, and image understanding technologies developed by Carnegie Mellon University under its $8m public and privately sponsored research project, the Informedia Digital Video Library Project.

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