Artel scores Olympic contract and $4.4 M in E round
Artel Video Systems is wrapping up work on the video transport systems it installed at the Olympic Games, even as it finalizes a $4.4 million round of funding.
Via a contract with Qwest Communications International, Artel is supplying the equipment that transports video from the cameras at the Olympics "down into the studios," says spokesman Marty Dugan. "Qwest is doing the links, and we sold them the equipment."
Landing the contract — the terms of which Dugan would not disclose except to say it was "in the millions of dollars" — was a complex undertaking, he says.
"These types of deals take years to unfold," he adds. "We did the Sydney, Australia, Olympics and from that got this contract."
Artel dealt with the Sydney Olympic Broadcasting Organization for that set of games, but in Salt Lake City, Qwest is the infrastructure provider. Because the contract called for Qwest to buy the equipment, what happens to it after the games is up to Qwest, Dugan adds.
Separately, Artel landed an additional $4.4 million in its fifth round of financing. Dugan says the funds bring the company to a total of $36 million in five years and will go toward developing its VideoStorm technology. "It's our intellectual property," and part of its Cross Stream product line, he says, adding that it's "key" for transporting for iTV and VOD.
Investors include Cornerstone Equity Investors, BancBoston Capital, Charles River Ventures, Commonwealth Capital Ventures and four others.