GridNetworks, a Seattle-based provider of Internet television infrastructure, has raised $9.5 million in Series A funding. Panorama Capital led the deal, and was joined by two strategic investors that were not named.
GridNetworks, a leading innovator of technology and services that power Internet Television, today announced $9.5 million Series A financing led by Panorama Capital and two strategic investors to be disclosed in the future. The financing will be used to expand development of GridNetworks' core technology and grow the company's Internet Television distribution businesses.
GridNetworks' managed service offering, called GridCasting, streams television and film content with HD clarity and high-fidelity sound to a computer or a living room television screen via the Internet. The company is currently executing a strategy that provides GridCasting service directly to media and entertainment companies, embeds its client software into network and consumer devices, and integrates its technology into carrier and cable operators' networks.
GridNetworks' model is based on a hybrid set of technologies that include the GridCast Connector, a unique type of Peer-to-Peer (P2P) client, and Grid Network Control, a network-hosted system that orchestrates real-time service management and network-friendly video streams. Grid Network Control and GridCast Connectors work in tandem to ensure that millions of viewers can simultaneously watch television programming from Internet broadband connections without re-buffering or interruptions.
According to Tony Naughtin, president and CEO of GridNetworks, the investment round is a strong vote of confidence in GridNetworks' technology offerings, as well as the company's highly experienced team. Naughtin said, “Mainstream television is moving to the Internet, and GridCasting is a great solution to support this. We provide a real television experience for the consumer, allow low-cost distribution, and produce a content delivery service that is very sympathetic to the ISP network. As longtime network operators ourselves, we understand the concerns of cable operators and carriers about typical P2P approaches. But GridCasting is truly something different and superior.”
Naughtin and several other GridNetworks executives were co-founders of Internap Network Services (NASDAQ:INAP), and built that company into a leading high-performance network provider. GridNetworks co-founder and CTO Jeff Payne is also a veteran of successful network and content distribution companies. He architected and operated the original Real Broadcast Network (“RBN”) for RealNetworks, Inc. (NASDAQ:RNWK), the Internet's first content distribution network, and went on to become a co-founder of Bivio Networks, a leading manufacturer of high-performance, wire-speed network appliances.
Allan Leinwand, Venture Partner at Panorama Capital said, “GridNetworks is poised for strong growth in the burgeoning Internet Television marketplace. The service offering, the technology behind it, and the experience of the team there will enable GridNetworks to outshine others in this space and allow the company to set the bar in terms of what consumers and content companies expect of Internet Television.”
About Panorama Capital
Panorama Capital was spun out of JPMorgan Partners in 2006 to create an independent venture capital firm that invests primarily in high-growth, development-stage technology and life sciences companies. Panorama Capital uses its team's considerable experience, track record, and investment discipline to continue the successful technology investment and life sciences strategy executed during its tenure at JPMP. For more information on Panorama Capital, please visit www.panoramacapital.com .
GridNetworks, based in Seattle, Washington, is a leading service provider that powers Internet Television. Targeted primarily at media and entertainment companies, GridNetworks' GridCasting technology allows media companies to cost-effectively and reliably stream full-screen, HD quality video content over the Internet. For more information, please see www.gridnetworks.com .