In December 1999, the company managed to secure $44 million in funding from Sequoia Capital to support its six million users. By this point, it was estimated that 100 million people had installed the company's Shockwave and Flash players. In October 1999, Macromedia announced it would spinoff Shockwave as an independent company. CEO Rob Burgess initially stayed on with both companies. Macromedia maintained a majority stake in Shockwave.com until December 2000, when it merged with AtomFilms.
In December 1999, the company managed to secure $44 million in funding from Sequoia Capital to support its six million users. By this point, it was estimated that 100 million people had installed the company's Shockwave and Flash players. In October 1999, Macromedia announced it would spinoff Shockwave as an independent company. CEO Rob Burgess initially stayed on with both companies. Macromedia maintained a majority stake in Shockwave.com until December 2000, when it merged with AtomFilms.