NEW YORK (Reuters) – Online video service Veoh Networks said on Tuesday it had secured an additional $30 million in financing from investors Intel Corp, Adobe Systems Inc and influential media investor Gordon Crawford of Capital Research Global Investors.
The company plans to invest the proceeds into developing new services, advertising targeting capabilities, creating localized versions in global regions and expand its services off of PC screens, the company said in a statement on Tuesday.
Veoh last year refocused its service as a place to find professionally produced shows from other sources and away from YouTube-like video sharing features.
It faces stiff competition from smaller companies, as well as Hulu, a joint venture of News Corp and General Electric Co's NBC Universal.
Recently, Veoh has focused on 33 markets, shutting access to regions that represented about 10 percent of its traffic, a spokeswoman said.
Intel, which made the investment through its global investment division Intel Capital, joins an array of media, venture capital firms and technology investors, including Time Warner Inc, former Walt Disney Co Chief Executive Michael Eisner's investment group
They have attracted about $69.5 million, not including the current round.
(Reporting by Kenneth Li; Editing by Andre Grenon)