AT&T announced today that it’s part of a new venture capital consortium that is designed to drive innovation in Web applications and digital media in Southern California.
"This alliance is a great example of bringing the best minds together to help foster the growth and development of media technology in our local economy," said Los Angeles Mayor Antonio Villaraigosa. "My hope is that initiatives such as these continue to not only provide new opportunities for our citizens, but also keep Southern California at the forefront of digital innovation."
The consortium also counts William Morris Agency, venture capital firms Accel Partners and Venrock as its members. Accel, William Morris Agency and Venrock will form a joint fund that will focus on discovering, funding and building small, high-impact companies focused on innovation in the consumer media technology arena. AT&T will participate in selected investment opportunities with the joint fund as a limited participant.
The group could focus on technologies that deliver Web content and advertising to cell phones, as well as other Web 3.0 innovations.
The joint fund will be managed by Los Angeles-area angel investor Richard Wolpert, who has previously served as president of Disney Online and chief strategy officer of RealNetworks.
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