Video Streaming Firm Move Networks Raises Big $46 Million Third Round
This story was written by Joseph Weisenthal.
Red hot Move Networks, the heavily-backed provider of high quality online video streaming, has raised a huge $46 million third round led by Benchmark Capital, as well as Cisco (NSDQ: CSCO), Comcast (NSDQ: CMCSA) Interactive Media (a division of Comcast Corp.), and Televisa, making its entry into the crazy-money territory. Previous backers Steamboat Ventures (Disney) and Hummer Winblad Venture Partners also participated. The company has previously raised about $45 million over two rounds, bringing its total haul to around $91 million. The American Fork, Utah-based company touts a higher level of quality than other video providers, including HD, and it claims to be able to eliminate buffering. Among its customers are ABC and ESPN (NYSE: DIS), both Disney properties (hence the backing from Steamboat). While the announcement doesn't say so exactly, look for Move to work with Comcast and its other corporate backers on online video ventures. Release. This raise now compares to the other heavily funded startups i the online video space, such as Brightcove, Joost and others.
By Joseph Weisenthal