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Live Picture Gets $22.2-Million Infusion

January 14, 1998|Bloomberg News

Live Picture Inc., the Internet company whose chairman is former Apple Computer Inc. President John Sculley, said it has raised $22.2 million from Eastman Kodak Co. and several other companies. The closely held Internet imaging company will use the cash infusion to expand its sales and marketing mainly in the U.S. and Japan, President Kathleen Mitchell said. The funding comes as traditional imaging companies such as Kodak are trying to move into the market for digital imaging on the Internet. Live Picture is working to get its imaging format accepted as the industry standard. The Campbell-based company expects sales to increase this year to about $35 million, from more than $10 million last year, Mitchell said. Live Picture's goal is to break even for 1998, and the company may raise more capital later this year, she said. Other investors include Trans Cosmos, Gilde Investment Management and Encompass Ventures.

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