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Publicly traded Internet Pictures Corp., or iPix, raised $10 million from Paradigm Capital Partners and the Memphis Angels, an angel investment group launched by venture capital firm Paradigm.
The private funding is a first step toward the company’s goal of raising $30 million by summer’s end, enough to finance its restructuring and take iPix to profitability, the company said. Donald Strickland becomes iPix CEO, while former chairman and CEO James Phillips becomes chairman emeritus.
Paradigm and Angel executives, including former America Online president and chief operating officer Bill Razzouk, will fill four of iPix’s seven board seats.
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