BOSTON – Toronto-founded ExtendMedia has announced it received US$12 million in venture capital funding in a Series B round led by TVM Capital. Previous investors Atlas Venture and Venrock Associates also participated in the current round.
This financing follows a previous US$11 million Series A round, bringing funding to a total of US$23 million. The additional funds will be used to accelerate sales, marketing and product development efforts to meet strong market demand for both direct-to-consumer and ad-supported digital content businesses.
Extend provides a digital content service delivery platform that enables content rights holders and distributors to quickly create, manage, secure, and monetize content services across broadband, TV and mobile devices.
The company’s OpenCASE solutions help power digital media commerce for Hewlett-Packard, Showtime, ClickStar, Cablevision, Bell Canada, Manitoba Telecom Services, and major third-party integrators.
"Content rights owners and distributors need deep, broad enterprise-class technology and infrastructure in order to bring compelling digital content services to market," said Jim Geary, CEO of ExtendMedia. "We’re already uniquely capable of meeting the complex requirements of large media companies and wireline and wireless service providers. This capital infusion allows us to accelerate our technology innovation, expand our unique market positioning and most importantly, help make our customers’ businesses even more successful."
As part of today’s announcement, Extend appointed Edward Braginsky, TVM Capital general partner, to the company’s board of directors.
"We have been very pleased with the great progress ExtendMedia has made over the last year in the rapidly growing broadband and wireless video market place," said Ahmet Ozalp, general partner at Atlas Venture. "With this new financing round, we are very excited about TVM Capital joining Atlas, Venrock and the exceptional team at ExtendMedia in our journey to create a global leader in digital media e-commerce solutions and services."
