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Move Networks gains $46M in round of funding

Wed, 04/16/2008 - 8:07am
Traci Patterson

Move Networks – a high-definition (HD) Internet TV service provider – announced a $46 million Series C funding round, with investors including Comcast Interactive Media (a division of Comcast Corp.) and Cisco.

The funding round was led by Benchmark Capital and also saw investment from Televisa, Steamboat Ventures and Hummer Winblad Venture Partners.

"Viewers are demanding higher-quality video at any time and any place," said John Edwards, CEO of Move Networks. "Move's platform provides a solution that maximizes quality, while at the same time meeting the demands of scalability and profits. This funding round is further validation by leading digital new media companies and infrastructure providers that Move Networks has the delivery services uniquely designed to meet the online monetization mandate of the world's largest media companies."

Move's patent-pending technology uses open Internet protocols to deliver high-quality live and on-demand video that scales to millions of viewers while protecting the assets of the media company, Move Networks said.

"The consumer experience is a central component to the future growth of broadband video," said Ian Blaine, CEO of thePlatform and SVP of content publishing for Comcast Interactive Media. "Consumers expect online video to mirror their television or DVD experience today. Companies such as Move Networks will play a key role going forward."

Additionally, Move Networks has opened four new offices across the U.S., with locations in Los Angeles and San Mateo, Calif.; Ann Arbor, Mich.; and New York City. The company also announced plans to expand its global footprint with the launch of international offices in Latin America, Europe and Asia Pacific this year.

The company has added executives to help facilitate the strategic growth and direction of core areas across the business.

Thomas Morgan joins the company as chief strategy officer (CSO). Morgan served as the founder and CEO of BlackArrow Corp., an ad-management technology company for viewer-controlled video. Most recently, Morgan worked with digital media consulting firm MediaD.tv, where he led business development efforts for on-demand and Internet-based TV.

Paul Ptaschne joins Move Networks as VP of sales for Latin America. Ptaschne has managed ad sales and operations positions for Fox Latin America, Bloomberg International and Cisneros Television Group.

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