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Online Digital Photo Solution Eye-Fi Raises $5.5 Million First Round

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Digital photography wireless manager Eye-Fi has secured a $5.5 million first round funding co-led by Opus Capital and Shasta Ventures. The two-year-old company is positioning itself as a consumer service that simplifies the process of uploading and storing digital photos by combining WiFi with the SD memory card. Eye-Fi plans to use the funds for product development, operations, support, marketing and production. The company plans to release its first product, which is currently in beta trials, later this year. Carl Showalter, general partner for Opus Capital, and Robert Coneybeer, managing director for Shasta Ventures, have joined the Eye-Fi board.Release

WSJ: While some digital camera makers are building Wi-Fi into some models, Eye-Fi hopes to differentiate itself by offering users the ability to upgrade their existing cameras with SD cards. The company estimates that 60 percent of digital cameras support the SD format.