Qwilt covers $25MN Series D funding to 'accelerate streaming revolution'
DetailsEditor | 26 June 2015
Caching and online video delivery solutions provider Qwilt is celebrating a $25 million cash injection in the form of a Series D strategic funding that the company will use to scale its activities to Tier 1 operators.
The round was led by $16 million from Disrupt-ive and there was other cash from Google chairman Eric Schmidt's Innovation Endeavors and continued funding from Cisco Investments. Existing investors Accel Partners, Bessemer Venture Partners, Marker LLC and Redpoint Ventures also contributed to the round, bringing Qwilt's total capital raised to $65 million.
"There's a fundamental shift in how online video is consumed today given the proliferation of mobile devices and emergence of new streaming business models. Qwilt's impressive team — with extensive expertise in both networking and storage — has created game-changing technology to solve the challenges presented by this new world order of streaming video," commented Tal Barnoach, general partner at Disrupt-ive. "Qwilt is a strong fit with our investment thesis as a late stage company with disruptive technology that can scale globally."
Now financially fortified, Qwilt will scale its business upwards, accelerating its go-to-market strategy and offering support for Tier 1 network operator deployments worldwide. It will also support, enhance and extend its flagship open cache product, the Qwilt Video Fabric solution. Qwilt's sales grew 400% year-over-year at the end of 2014 with more than 80 deployments of the Video Fabric solution worldwide.
The company believes that the time is right for its products, asserting that the growth of streaming video shows no signs of slowing but that fixed broadband and mobile network operators across the globe are already struggling with 'extraordinary' consumer demand. It notes that network operators can now be found in a new, open architecture for streaming video, which pushes content to the network edge, close to consumers, through open caching. Qwilt claims to have been an innovator in open caching solutions since its inception.
"Since we launched just a few years ago with a vision to solve the streaming video problem for network operators, the strategic value of open caching has been broadly embraced as a crucial part of the new network architecture that is required to scale online video for the future," explained Alon Maor, CEO and co-founder of Qwilt. "We recognised the full scope of the opportunity early on and enhanced our open caching solution to support all types of online video, including live streaming. Furthermore, we have proactively extended our product line to address any network medium or configuration, including mobile, telco, cable and even university campus networks. This new funding speeds our ability to scale the company and get our technology deployed faster. We're proud to be included in the impressive portfolios of these strategic investors."