Online video services company Move Networks raises $46 million
Update: The company was valued at $150 million before the investment, according to the company’s chief executive.
Move Networks is one of several companies that offers a suite of services to help large media companies offer high-definition video over the web.
Its technology encodes high-quality video, and cuts down on buffering delays as a user watches a video, along with related services. Broadcasters use this content delivery service to stream long-form programs like Grey’s Anatomy over the Internet and mobile devices.
The American Fork, Utah-based company has just raised $46 million in a third round of financing led by existing investor Benchmark Capital, with strategic investors including Cisco, Comcast Interactive Media and Televisa.
It has previously raised $21.3 million from Benchmark, and earlier investors including Disney’s Steamboat Ventures, and Hummer Winblad Venture Partners, both of whom also participated in this latest round.
Partners include names like ABC, ESPN.com Fox, CW and Discovery. Presumably, Comcast will be a client, as well, although that hasn’t been officially announced.
Competitors include Maven Networks — which Yahoo bought recently — Brightcove, and others.
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About the Author, Eric Eldon
Eric currently covers digital media technology and business news, especially what's happening on social networks and their platforms. He also writes and edits stories about venture capital, and lots of other stuff, too. He started at VentureBeat in the spring of 2007, half a year or so after Matt Marshall left his reporting job at the San Jose Mercury News to found the site. Eric previously cofounded a startup called Writewith, that was building editorial software for newspapers and other groups of writers. The startup didn't work out, but he learned a lot.