Adderton named CEO of 360fly

360fly Inc. said Wednesday that Peter Adderton was named CEO. Adderton founded Boost Mobile in 2000 and most recently served as CEO of Mandalay Digital. 360fly, which is backed by Catterton, is a single lens camera that lets users capture the world in a 360 degree video format.

PRESS RELEASE

PITTSBURGH, May 6, 2015 /PRNewswire/ — 360fly, Inc., the category creator in 360 degree digital video products, announced today that Peter Adderton has been named as the Company’s new Chief Executive Officer.
A pioneer in the digital media space, Mr. Adderton founded Boost Mobile in 2000, one of the fastest-growing brands in the mobile pre-paid category. He most recently served as Chief Executive Officer of Mandalay Digital. As CEO of 360fly, Mr. Adderton’s first priority will be further building market awareness for the Company and its breakthrough panoramic video camera and related accessories. Mr. Adderton, an avid mountain biker, now regularly documents his life in 360 degrees with 360fly.
“There’s generally too much going on in your life to let it be filtered, cropped or edited,” commented Mr. Adderton. “360fly captures all the action in every direction – all at the same time. It’s not just a camera, it’s a fundamental shift in the way you experience the world; how you capture it all. If you want to see what the future of video looks like then check out 360fly. 360fly will be able to capture video that’s ideal for virtual reality applications”
“What attracted me the most to 360fly was it’s ease of use, and the simplicity of it’s design” Mr. Adderton added. “It’s single lens, single camera patented technology was unlike anything I have seen before. You can look ahead down the trail or spin around and see who is behind or beside you, because you’re capturing everything to the horizon, in a completely interactive 360 degree video. Why be tied down to just one single angle when there’s 359 more? With the explosion around virtual-reality, I am certain that 360fly’s technology and software is positioned to be the category leader in the space.”
360fly is a single lens camera that introduces an innovative new way to capture the world around you in a 360 degree video format – video that’s fully interactive. The advantage of using a single lens is that there’s no additional stitching of individual video feeds which introduces undesired stitching artifacts and takes longer to process. Smaller than a baseball, 360fly packs high quality 360 degree video into a lightweight water resistant rugged design. With 360fly you can capture your world, share on your favorite social media networks and swipe to immerse yourself in video that’s almost as good as being there.
“360fly is a standout in a dynamic industry, and with Peter onboard, the Company is even more strongly positioned to revolutionize the consumer camera experience,” said Michael Farello, Senior Partner at Catterton, lead investor in 360fly. “360fly is in a sweet spot of two prevailing consumer trends – consumers seeking more experiences and consumers becoming content creators. We are confident that 360fly will continue to set the agenda for innovation in the consumer camera market. We look forward to working with Peter and the rest of the talented 360fly team to continuing driving the Company forward.”
In April 2014, 360fly announced a growth capital investment from Catterton, the leading consumer-focused private equity firm. InAugust 2014, 360fly closed $17.8 Million in Series B round financing, with Qualcomm Ventures joining lead investor Catterton.
For preorders or to learn more about 360fly, visit www.360fly.com. You can also follow 360fly on Twitter, @360fly, and “like” us on Facebook at facebook.com/360fly.
About 360fly
360fly creates unique, 360 degree digital products that inspire users to capture, share and experience life’s greatest moments in 360 degrees. Our passion has led us to redefine video capture, because we believe life is too rich to capture just part of it.
About Catterton
Catterton is the leading consumer-focused private equity firm with more than $4.0 billion currently under management and a twenty-five year track record of success in building high growth companies. Since its founding in 1989, Catterton has leveraged its category insight, strategic and operating skills, and network of industry contacts to establish one of the strongest private equity investment track records in the middle market. Catterton invests in all major consumer segments, including Food and Beverage, Retail and Restaurants, Consumer Products and Services, Consumer Health, and Media and Marketing Services. Catterton’s investments include: Restoration Hardware, Baccarat, PIRCH, John Hardy, Flywheel Sports, CorePower Yoga, Outback Steakhouse, Plum Organics, Mendocino Farms, Noodles & Company, PIADA, Frederic Fekkai, Build-A-Bear Workshop, Wellness and Nature’s Variety pet food, Kettle Foods, Odwalla and P.F. Chang’s, to name a few. More information about Catterton can be found at catterton.com
About Qualcomm Incorporated
Qualcomm Incorporated is a world leader in 3G, 4G and next generation wireless technologies. Qualcomm Incorporated includes Qualcomm’s licensing business, QTL, and the vast majority of its patent portfolio. Qualcomm Technologies, Inc., a wholly owned subsidiary of Qualcomm Incorporated, operates, along with its subsidiaries, substantially all of Qualcomm’s engineering, research and development functions, and substantially all of its products and services businesses, including its semiconductor business, QCT. For more than 25 years, Qualcomm ideas and inventions have driven the evolution of digital communications, linking people everywhere more closely to information, entertainment and each other. For more information, visit Qualcomm’s website, OnQ blog, Twitter and Facebook pages.