Move Networks Closes $46M Round

Written by Frank Smith

Monday, April 14. 2008 at 05:05 PM EDT Post a comment

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Video streaming company Move Networks Inc. has raised $46 million in Series C funding. Last month, the Series C round had been rumored to be in the $34 million range, a number that CEO John Edwards dismissed as low at the time.

The company now confirms the figure is $46 million with Benchmark Capital , Cisco Systems Inc. (Nasdaq: CSCO), Comcast Interactive Media (CIM Labs) , Televisa , Steamboat Ventures , and Hummer Winblad Venture Partners contributing.

Move has raised about $68 million in funding to date, pulling in $11.3 million in its first round with contributions from Hummer Winblad and Steamboat Ventures.

The American Fork, Utah-based company's customers include The CW Television Network , Discovery Communications Inc. (Nasdaq: DISCA, DISCB, DISCK), Fox Broadcasting Co. , and Oprah.com. Move also delivers video for ABC Inc. and ESPN, which are owned by Walt Disney Co. (NYSE: DIS) as well as Steamboat Ventures, its investment firm.

Move's technology will also be integrated into future versions of Microsoft Corp. (Nasdaq: MSFT)'s Silverlight multimedia platform. The company claims to offer a higher-level of quality than competing video companies like Brightcove Inc. and says it can eliminate buffering.