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November 1, 1995

VENTURE FUNDING

By CBR Staff Writer

Progressive Networks Inc, Seattle developer of the RealAudio system for delivering real-time audio on demand over the Internet, has completed a second round of financing totalling $5.7m, led by Accel Partners of San Francisco. Progressive Networks was originally funded by private individuals including founder Rob Glaser, and Mitchell Kapor, founder of Lotus Development Corp, and the Electronic Frontier Foundation. Since its introduction in April, more than 600,000 RealAudio Players have been downloaded from the RealAudio Web site and more than 150 Web sites on the Internet offer RealAudio content, Progressive Networks claims.

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