Another Scitex investment is folding. The Rehovot based PrintLife is closing up. Scitex may have to write off more than $4M.
PrintLife Closes Up –
Source: 3/16/01 “WhatTheyThink”
Boston based PrintLife has ceased operations, according to CEO Meg Weston.
Weston told WhatTheyThink that market
conditions overwhelmed the company. “Unfortunately, the capital markets
changed dramatically. We were unable to find new investment, and current
investors were unable to carry the company forward to profitability.”
Those current investors included Jafco Ventures, Israel Seed Partners, Apax
Partners, Scitex, Mitsubishi and DOR Ventures. PrintLife had just secured
$10 million in funding last fall. PrintLife developed a technology and
service that enabled users to send images from digital cameras over the
Internet, to be printed in high quality albums. The company patented
PhotoBook Publisher software which created bound, hardcover picture books
with customized page layouts, selected backgrounds and personal captions.
With print facilities in Japan and in the United States the company used
Indigo digital color printers exclusively.
In a letter posted at the company’s web site, Weston said Printlife
determined the unsettled economic environment and the recent volatility in
the digital imaging marketplace made it impossible to raise money.
The funding was to help support Printlife’s marketing and business
development efforts and maintain its manufacturing facilities in Japan and
the United States. According to a recent earnings statement, Scitex invested
$4.6 million in the company and owned 13.7% of its shares. We were unable to
confirm investment figures from other partners.
Printlife was led by former industry executives from Konica, Kodak, Fuji,
Indigo, and Polaroid.
If you log into www.printlife.com you’ll find this letter from the CEO:
To Printlife Friends,
Printlife announced today that it is discontinuing its operations. As of
March 7, 2001 the company will discontinue its marketing and manufacturing
in the US and Japan, and research and development in Israel.
Although the company has successfully launched its business in Japan and the
US, the tightened venture capital markets were not receptive to the ongoing
capital needs of the company. Printlife has found that the unsettled
economic environment coupled with the recent volatility in the digital
imaging marketplace made it impossible to raise the additional capital
necessary to sustain the business.
As employees of Printlife we are all tremendously disappointed. Come the end
of the day we all feel proud to have created a product that customers love
and launched it globally. Many people have believed in the product and the
vision, and dedicated tremendous effort, energy and resources in a short
period of time to make it a reality.
We want to thank all of our investors, suppliers, partners and other friends
for your help and support over this past year.
Meg Weston, President & CEO
