Video streaming company Move Networks Inc. has raised $46 million in Series C funding. Last month, the Series C round had been rumored to be in the $34 million range, a number that CEO John Edwards dismissed as low at the time.
The company now confirms the figure is $46 million with Benchmark Capital , Cisco Systems Inc. (Nasdaq: CSCO), Comcast Interactive Media (CIM Labs) , Televisa , Steamboat Ventures , and Hummer Winblad Venture Partners contributing.
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.
Move Networks is announcing that they’ve raised a $46 million C round today from a variety of interesting companies including Cisco and Comcast Interactive Media. Move has gained a lot of ground as a high definition delivery mechanism for ABC.com and others. One of the things that makes Move interesting is the ability to change the bitrate of the streamed content based on how much bandwidth is available to the person watching the stream. They partnered with Microsoft around that feature so that Silverlight could take advantage of it.
More funding for an online HD video service. Move Networks has raised another $46 million in Series C funding, led by Benchmark Capital. Others in this round include Cisco, Comcast and Televisa, along with existing investors Steamboat Ventures and Hummer Winblad Venture Partners.
Move Networks already distributes content for most of the major networks through its proprietary media player, extending the option of HD quality video to be delivered to more online viewers. Earlier this year, Move Networks also teamed up with Microsoft’s Silverlight in order to deploy content via the Silverlight plug-in, giving Move Networks even wider range across browsers for distributing HD content.
Move Networks announced today that it has raised $46 million in a Series C round led by Benchmark Capital which includes Cisco and Comcast and Televisa, as well as previous investors Steamboat Ventures and Hummer Winblad Venture Partners.
While many sites, including TechCrunch, are reporting that Move Networks has raised $91.3 million to date, some bloggers are doing the wrong math. Move raised $10 million in 06′, $11.3 million in 07′ and $46 million in 08′. While many announced that Move had raised $34 million back in Q4 of 2007, this was part of the Series C that was publicly announced today.
LAS VEGAS, April 14 /PRNewswire-FirstCall/ — This week at the NAB Show 2008, Microsoft Corp. is showcasing its offerings that support the entire content life cycle — from content creation and management to delivering end-user experiences — highlighting the technologies and solutions that media and entertainment companies need to align business and content creation processes.
Move Networks on Monday said it closed a $46 million round of Series C venture investment and cemented key strategic partnerships, as the online television technology developer seeks to develop video services for broadcasters and publishers.
Leading the deal is venture firm Benchmark Capital, joined by strategic backers Comcast Corp.’s Comcast Interactive Media, Cisco Systems Inc., and Spanish-language broadcast leader Grupo Televisa. Also participating in the round are previous investors Hummer Winblad Venture Partners and Steamboat Ventures, the private investment arm of Walt Disney.
Move Networks has just raised a huge round: $46 million of new financing. Benchmark Capital led the round; other investors include Cisco (CSCO), Comcast Interactive Media (CMCSA), Televisa, and return backers Steamboat Ventures (DIS) and Hummer Winblad Venture Partners.
The challenge for Move Network: Take business away from Adobe’s (ADBE) Flash, which dominates the Web video market. And Flash has a built-in advantage–it’s already installed on nearly every computer with an Internet connection.
