EdgeCast Raises $6 Million

EdgeCast Networks, a Los Angeles-based rich media content delivery network, has raised $6 million in Series B funding. Steamboat Ventures led the round, and was joined by Series A backers like ConemaNow chairman Mark Amin and Lionsgate Films CEO Jon Feltheimer.

 

PRESS RELEASE
EdgeCast Networks, the superior, cost-effective rich media content delivery network (CDN), today announced that it has secured $6 million in Series B financing led by Steamboat Ventures, a venture capital firm affiliated with The Walt Disney Company. Concurrent with this investment, Scott Hilleboe, Senior Principal of Steamboat Ventures, and Jeffrey Stibel, President of Website Pros, Inc. (Nasdaq: WSPI) and former CEO of Web.com (Nasdaq: WWWW), will join EdgeCast's board of directors. Steamboat will join Series A investors from the Hollywood media community such as Mark Amin, Chairman of CinemaNow as well as Jon Feltheimer, CEO of Lionsgate Films.

 

The new funds will be used to expand EdgeCast's international reach, scale the network for additional capacity, enhance features, and further develop the company's sales and marketing operations. The latest round brings EdgeCast's total funding to more than $10 million.

 

“As online media continues its explosive growth, more companies are realizing the benefits of a CDN that is built specifically for profitably delivering rich media around the world,” said Alex Kazerani, CEO of EdgeCast Networks. “This investment is a strong vote of confidence in our CDN technology and our strategy. We couldn't have asked for a more strategic investor than Steamboat Ventures, in part because of its affiliation with Disney, one of the world's top distributors of online content. We are excited to have Steamboat's support and look forward to leveraging their expertise and network of relationships.”

 

“EdgeCast's leading content delivery network is transforming the market by allowing media companies to more effectively and efficiently distribute their digital content to consumers around the world,” said Hilleboe. “With a proven management team, innovative technology platform and strong client base, EdgeCast is poised to take full advantage of the tremendous growth in digital media and content delivery. We are excited about the opportunity to work closely with them.”

 

EdgeCast has built a global content delivery network designed for today's rich media Internet. Engineered with high-performance speed and a highly scalable, globally load balanced architecture that supports massive audiences and flash crowds, the EdgeCast network outperforms rivals by significant margins. Customers are experiencing dramatic performance improvements and substantial cost savings when switching from competitors such as Limelight Networks, Akamai and Vitalstream/ Internap.

 

About EdgeCast Networks, Inc.

EdgeCast offers a superior, cost-effective global content delivery service that gives our customers competitive advantage in the delivery of digital media. Our world-class content delivery platform provides customers the cost benefits and flexibility of controlling their own content delivery network while liberating them from bandwidth contracts, capital investments and operational hassles. To learn more, visit www.edgecast.com .

 

About Steamboat Ventures

With offices in Los Angeles, Shanghai and Hong Kong, Steamboat Ventures is a global venture capital fund that invests in digital media, consumer and technology companies in the U.S. and Asia. Steamboat Ventures pursues a distinctive investment strategy, cultivating investment opportunities that are simultaneously financially promising and also possess the potential to have significant strategic interest to The Walt Disney Company. Founded in 2000, Steamboat Ventures has invested in a range of leading digital media and consumer technology companies, including: Fastclick (acquired by VCLK), Iridigm Display Corporation (acquired by QCOM), Pure Digital Technologies, Quigo Technologies, Move Networks, 56.com, and UUSee. For more information, please visit www.steamboatvc.com .