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SeaWell Networks secures USD7m in series A funding

SeaWell Networks, a provider of internet video distribution products, has secured a USD7m series A round of investment, including the conversion of seed funding.

Led by BDC Venture Capital, the round also included Northwater Intellectual Property Fund and Ontario Centres of Excellence.

SeaWell will use the funds to expand the development and marketing efforts of its internet video streaming solutions.

Streaming video and audio now account for roughly 27 per cent of global internet traffic, according to the top ISPs worldwide, and is expected to grow to over 60 per cent by 2013.

SeaWell is currently developing a solution that not only enables a TV-like viewing experience but also significantly reduces the cost of delivering content.

“Given the expertise and the large number of investments in the information and communications technology sectors, BDC was able to recognise the value proposition of SeaWell’s SVC-based technology platform,” says Nazmin Alani, managing director of BDC Venture Capital, who joins SeaWell’s board of directors. “We believe SeaWell’s technology, which is more scalable and cost effective than existing technology, will fill a need in the marketplace and position the company for future growth.”

“We are pleased to be working with this group of experienced investors and look forward to leveraging their expertise and networks,” adds Brian Collie, chief executive and co-founder of SeaWell Networks. “Our ability to complete this investment in the current economic environment underscores the immediate value we are delivering to customers and partners.”

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