Grab Networks Grabs More Funding

Written by Ryan Lawler

Tuesday, June 2. 2009 at 04:15 PM EDT Post a comment

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Grab Networks Inc. announced today that it has raised $12 million in equity and debt financing, which it plans to use to advance its video syndication business.

The new financing comes from existing investors Softbank Capital, SCP Capital, Longworth Venture Partners, and Court Square Partners. Horizon Technology Finance also joined as an investor, leading the equity debt portion of the round.

The company, which was formed through last year's merger of Anystream Inc. and Voxant Media and subsequently rebranded as Grab Networks, provides an end-to-end platform for distribution of online video, from video capture to indexing to syndication.

The new entity combines Anystream's technology for managing production, workflow, and secure distribution of online video assets with Voxant's media storage and licensing technology.

Bill Holding, president of Grab Networks's Anystream division, says the firm plans to use the new funding to continue investment in its hosted services business and its video indexing technology.

"The hosted services business is getting good traction, but it requires additional infrastructure. We're adding resources to help us in this growing part of our business," Holding says.