PrintLife Closes Up - Scitex, Mitsubishi & DOR Ventures Among Investors
Monday, March 19, 2001
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.