Qwilt beds down $16MN funding for online video delivery
Parent Category 31-07-2013
Recognising the lucrative nature of the sector, leading VC firms have closed a $16 million Series C funding in online video delivery and transparent caching solutions provider Qwilt.
The new round, bringing Qwilt's total capital raised to $40 million, was led by Bessemer Venture Partners with ongoing support from Returning Investors Accel Partners, Redpoint Ventures and Marker.
The new investment will be used to expand Qwilt's international sales and engineering teams to meet global network operator demand for its flagship product, the QB-Series Video Fabric Controller. The company believes that it is well placed to address what it calls the explosive growth of online video that it says is straining the capacity and performance of operator networks, who it asserts need to simultaneously address three strategic imperatives: improve consumer quality of experience (QoE); cost-effectively increase network capacity; and monetise over-the-top (OTT) video traffic across their networks.
Deployed at the subscriber edge, Qwilt's optimised video content delivery system is claimed to be able to support a scalable network architecture meeting future increases in demand for OTT video content as well as new monetisation business models. Qwilt is confident that its video delivery technology enables operators to significantly increase network capacity, at a fraction of the cost of a traditional network expansion, 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, explaining the rationale for the investors' participation.
"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."