Video Processor RGB Networks Raises $20 Million At $200 Million Valuation; Wants IPO In '09
This story was written by Joseph Weisenthal.
RGB Networks, a provider of video processing technology for MSOs, has raised $20 million led by Institutional Venture Partners, along with previous backers Accel Partners, Comcast (NSDQ: CMCSA) Interactive Capital, Kleiner Perkins Caufield & Byers and Focus Ventures. The raise values the Sunnyvale, CA-based company at $200 million, which, the company notes, is 82 percent higher than its previous $110 million valuation, when it raised $20 million in 2006 (the company makes a habit of giving this info out last time it said its valuation was a 150 percent increase from the time before that). All told, it has raised over $52 million, having raised $12 million from Comcast in 2005. The company's technology makes it easier for operators to manage bandwidth while delivering more customized, revenue-generating services to users. Release.
MultiChannel News reports that the company has sales of $31 million in 2007 and is targeting $50 million for 2008, which cwould work out to about 66 percent growth. It's also targeting a mid-2009 IPOan IPO now is out of the question given the weak IPO market.
By Joseph Weisenthal