Report: Brightcove closes funding round, eyes going public

Tue, 04/06/2010 - 8:25am
Mike Robuck

Video management company Brightcove received $12 million in funding late last month in order to build out its infrastructure that posts online videos for companies such as Virgin Media.

The Wall Street Journal also reported that Brightcove, which is led by CEO Jeremy Allaire, could go public as early as next year.

The latest round of financing was led by current investors Accel Partners and General Catalyst Partners.

To date, Brightcove has raised $99 million since 2004 with investors that have included IAC/InterActiveCorp, Hearst Corp., venture capital firms and AOL when it was part of Time Warner Inc.

Brightcove competes against Comcast-backed thePlatform, Episodic, which was bought by Google last week, and Ooyala.

Late last year, Brightcove released the fourth generation of its video platform, which included a version for smaller Web site projects, as well as new features to help enhance three-screen strategies.

More Broadband Direct 4/06/10:
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•  Optimum Lightpath debuts low-latency optical transport service
•  ACA rails against pole attachment fees
•  AT&T to spend $1B to broaden network
•  Report: Brightcove closes funding round, eyes going public
•  Motorola realigns businesses ahead of split
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