Transparent caching startup Qwilt embroidered with $16M
Qwilt, a startup with a solution for relieving streaming traffic congestion on cable and other networks, has closed a third round of funding, hauling in another $16 million, bringing its capital tally to $40 million.
Bessemer Venture Partners led the round, with contributions from previous investors Accel Partners, Redpoint Ventures and Marker LLC. The new funds will be used to expand international sales and engineering teams to service a potential client base of cable, broadband, and mobile service providers.
The Qwilt QB-Series Video Fabric Controller performs what is being referred to as transparent caching. It sits on the edge of a network, monitors video traffic, identifies trending and popular titles, and then automatically stores those titles locally. The intent is to eliminate the need for replication of content streams from origin sites or content delivery networks (CDNs), reducing network traffic and congestion, ideally leading to a better quality consumer viewing experience.
Qwilt says its video delivery system enables operators to significantly increase network capacity, at a fraction of the cost of a traditional network expansion (the installation of switching and routing equipment), while improving quality of service for customers.
"Operators are struggling to meet the rapidly growing demand for streaming video. In laymen terms: it's very difficult to deliver a quality viewing experience without straining their networks," said Bob Goodman, partner at Bessemer Venture Partners. "Drawing on deep expertise in both networking and storage, Qwilt solves this problem with an impressive video delivery system that provides network operators with unprecedented visibility, control and improved quality of service. This smart approach to a tough problem is what attracted Bessemer, and frankly, it's why they can point to high rates of adoption among operators as well."
Founded in 2010 by industry veterans from Cisco and Juniper. The company has a partnership with Limelight.