The private company said it will use the cash infusion to expand its growth in Web-based sales and marketing, publishing, and medical imaging. The group that provided the funding includes Kodak, one of the first original investors; Encompass Ventures, Trans Cosmos Incorporated, Gilde Investment Management, Perseus, Star Ventures, and HK Associates. Lehman Brothers was the agent for the funding.
"With this latest round of financing, we have the resources to build a world-class, global company," Live Picture chief executive Kate Mitchell said in a statement. She said the company's buyouts of RealSpace and Olivr Corporation last year helped the company expand.
Live Picture would like to go public, perhaps in late 1998 or early 1999, a spokesman said.
In a speech at the Internet World trade show last month, Sculley predicted that 1998 will be the year that multimedia becomes pervasive on the Net. The company's products include Flash Pix, which lets consumers focus on images without losing resolution.