Tech Coast Angels Completes Funding of Convertible Note for BrightQube Online Digital Media Marketplace

BrightQube Building Unprecedented Open Market for Easy Viewing, Selection and Purchase of Stock Photography

San Diego, CA, May 13, 2008. San Diego Tech Coast Angels (TCA), a member of the largest angel network in the United States and the number one source of start-up funding in Southern California, announced today that Tech Coast Angels has completed funding of a convertible note in the amount of $650,000 for BrightQube (www.brightqube.com), a new online creative resource that revolutionizes the way the world finds images. San Diego TCA led the seed funding of $200,000 as well as funding the convertible note, along with participation from Pasadena Angels and insiders.

“BrightQube provides a brilliant and unprecedented solution to address a huge gap that exists in the stock photography market,” said Warren Hanselman, San Diego TCA member and lead investor in the BrightQube funding. “We were impressed not only with the company’s business model and the market potential, but also the tremendous experience and passion that its management team brings to the table.”

San Diego-based BrightQube is creating the first open platform for stock photography. Presently, the industry is fractured, from highly restricted photographer participation in top stock photography agencies to crowd-sourced amateur imagery that is heavily edited and priced at a few dollars.

BrightQube embraces the broad spectrum of photographer participation; the company’s next phase of development will allow for thousands of photographers, from pros to hobbyists, to contribute photos, unleashing unique images and creating multiple revenue streams in an ever-expanding market.

“Stock photography is already a more than $2 billion a year market, and there is a huge reservoir of high quality images that buyers are seeking but are currently never getting seen,” said Lee Corkran, founder and CEO of BrightQube.

“Our first milestone created an innovative website that provides a superior image search experience across the broadest collection of images found in a single site, but this is just the start. Our next step builds the ‘on-ramps’ to provide unique content, the true heart of our business. I’m grateful to TCA and Pasadena Angels for supporting the vision and helping us incubate and develop this industry-changing model.”

BrightQube currently features more than 3 million royalty-free images from 40 leading agencies, as well as microstock and independent work. At the core of BrightQube’s image search innovation is the Dynamic Mosaic, which presents the equivalent of up to 60 pages of images simultaneously and provides site visitors the ability to easily pan, zoom, search and select individual pictures with greater speed and better results than any other site in the industry.

 

About Tech Coast Angels

Tech Coast Angels (TCA) is the largest angel network in the United States and the number one source of startup funding in Southern California. Since 1997 TCA has invested more than $86 million in more than 134 companies and raised more than $812 million of additional capital, mostly from VC firms.

TCA members are seasoned, well-connected industry and business advisors who devote time, expertise and capital to help companies grow and succeed. TCA has five regional networks located in Santa Barbara, Westlake Village, Los Angeles, Orange County, the Inland Empire and San Diego. The group is supported by many of the region’s leading VC funds and sponsors include many of the best service providers to early stage companies.

About BrightQube

www.BrightQube.com is the new online creative resource that revolutionizes how the world finds images. The BrightQube team includes experts in stock photography, web technologies, marketing, and award-winning design, along with solid business expertise gained from major corporations, Internet design and development firms.