Dr ylab News
 for investors & friends · May 2017
 Welcome to our first newsletter of 2017! It's
 been a while since the last one, and a lot has
 happened. We promise to keep them coming
 every two months hereafter, and permit
 ourselves to make this one rather long. The
 big news is the beginnings of our launch in
 the American market, but there are also
 interesting updates on sales, development,
 mentors and (of course) the investment
 round that closed in January.
 Ne w capital:The investment round was
 successful. We raised 2.13 MNOK to match
 the 2.05 MNOK loan from Innovation
 Norway. Including the development
 agreement with Filmlance International, the
 total new capital is 5 MNOK, partly tied to
 the successful completion of milestones. All
 formalities associated with this process are
 now finalized.
 Ne w owners:We would especially like to
 warmly welcome our new owners to the
 Drylab family: Unni Jacobsen, Torstein Jahr,
 Suzanne Bolstad, Eivind Bergene, Turid Brun,
 Vigdis Trondsen, Lea Blindheim, Kristine
 34
 meetings meetings
 NY · SFNY · SF
 LA · LLA · LVV
 Academ y of Motion Picture Arts and Sciences· Alesha & Jamie Metzger· Amazon
 A WS· Apple · Caitlin Burns, PGA · Carlos Melcer· Chimne y L.A. · Dado Valentic·
 Da ve Stump· DIT WIT · ERA NYC · Facebook · Fancy Film · FilmLight · Geo Labelle·
 Google · IBM · Inno vation Norway (NY C) · Inno vation Norway (SF) · International
 Cinematogr aphers Guild · NBC · Local 871 · Netflix· Pomfort· Radiant Images ·
 Screening Room· Signiant· Moods of Norway· Tapad· Team Downey
Holmsen, Torstein Hansen, and Jostein
 Aanensen. We look forward to working with
 you!
 Sales: Return customer rate is now 80%,
 proving value and willingness to pay. Film
 Factory Montreal is our first customer in
 Canada. Lumiere Numeriques have started
 using us in France. We also have new
 customers in Norway, and high-profile users
 such as Gareth Unwin, producer of Oscar-
 winningThe King's Speech. Revenue for the
 first four months is 200 kNOK, compared to
 339 kNOK for all of 2016. We are working
 on a partnership to safeguard sales in
 Norway while beginning to focus more on
 the US.
 Ne w team members:We've extended our
 organization with two permanent developers
 based in Łódź, the film capital of Poland. Two
 highly skilled interns from the University of
 Oslo's Entrepreneurship Program, will be
 working on market research until mid-June
 (starting in March), preparing for the US
 launch. Also, two computer science students
 are working as part-time interns during
 spring, on machine learning and analysis
 research, as well as innovative architectures
 based on the Swift language. We hope our
 interns will consider sticking around!
 Ne w mentor:We are honored to have
 Caitlin Burns joining us as a mentor. She's an
 accomplished producer based in New York,
 an active member of the Producers Guild of
 America, and the collaboration has already
 yielded good results, including valuable
 contacts for our visit in Los Angeles. Oscar-
 winning VFX supervisorDave Stumpjoined
 us earlier.
 Ne w York, St. Louis, San Francisco and
 Los Angeles:Pontus and Audun did a tour
 of the US in February and March, meeting
 users, partners and potential customers. The
 trip was very successful, with several high
 points, including meetings with Netflix, the
 Academ y of Motion Picture Arts and
 Sciences, the International
 Cinematogr aphers Guild, Local 871 (the
 script supervisors' union), one of the world's
 leading DITs, and Apple. See the separate
 attachment for a more detailed summary.
 NAB: Andreas and Audun travelled to the
 National Association of Broadcasters
 convention (NAB) in Las Vegas for three
 hectic days in April. NAB gathers 100,000
 participants from film and TV. It's a very
 efficient way of meeting people in the
 business, and getting an updated picture of
 the business landscape. The most exciting
 meeting was with PIX System, one of our
 most important competitors. It was
 interesting to note that they regarded the
 indie market as bigger than their own.
 Andreas was able to secure us an
 invitation to the DIT-WIT party, with some of
 the world's leading DITs in attendance. It was
 a great place for informal feedback on Drylab
 Viewer. The pattern was the same as for
 other users: Initial polite interest turns to
 real enthusiasm the moment someone is able
 to personally try Drylab Viewer! We also
 met with Pomfort and Apple about our on-
 going collaborations; ARRI and Teradek/
Paralinx about camera integration; Amazon,
 Google and IBM about cloud computing.
 WWD C and Silicon Valley:We were very
 pleasantly surprised to be invited by Apple to
 their World Wide Developers Conference in
 San Jose in June, despite not having applied.
 It's a valuable chance to learn and make new
 connections. We’re also setting aside time to
 meet other potential partners.
 Cine Gear:We have decided not to attend
 the Cine Gear expo in L.A. this year, since
 feedback from many users about the show
 were mixed, and our planned beta version of
 3.0 is slightly delayed.
 De velopment and launch:Development
 is around one month behind our original
 schedule. We expect the delay to decrease,
 with new developers on board.
 The launch of Drylab 3.0 will take place at
 the International Broadcasters Convention
 in Amsterdam in September, and we are
 working hard to get solid feedback from pilot
 users before then.
 Annual General Meeting:Drylab's AGM
 will be held on June 16th at 15:00. An
 invitation will be distributed to all owners
 well in advance. We hope to see you there!
 As you can see it has been a hectic
 spring that has given us a lot of
 c onfirmation about our product. We
 are now working eagerly and hard
 to wards the US launch with Drylab
 3.0, while keeping momentum in
 Europe with our existing system.
 [Drylab has kindly allowed this newsletter to be redone in HTML/CSS and converted to PDF
 withPrince. Navngenhelped anonymize names in the process.]