The Portland, Ore.-based vendor of video solutions for
multiscreen delivery, Elemental Technologies, has raised $13 million in Series
C financing led by Norwest Venture Partners (NVP).
In the financing, NVP joined existing investors General
Catalyst, Voyager Capital and Steamboat Ventures, who also participated in this
round of new funding.
"Elemental's ascendance in the IP video delivery market over
the last two years has been well-documented and something we have watched
closely," said Robert Abbott, general partner at NVP, a global venture capital
firm based in Palo Alto, Calif., that manages more than $3.7 billion in
capital, in a statement. "When combined with the clear growth trajectory of the
over-the-top video and TV Everywhere markets and its deep technology
differentiation, we believe now is the right time to invest in Elemental."
Along with the new funding, Elemental also announced that it
had appointed Kevin O'Hara as chairman of the board. In making the appointment,
the company noted that O'Hara has over 25 years of experience guiding the
expansion of startup companies.
The new funding comes after two years of rapid growth and
the announcement of a number of major deals both for solutions to help with TV
Everywhere initiatives and in the sports arena.
"We expanded to over 100 enterprise customers in the last
two years," notes Keith Wymbs, VP of marketing at Elemental in an interview.
"If you name almost many major media and sports [player] they are probably a
For the Olympics, for example, Wymbs notes that Elemental is
being used by broadcasters for IP delivery of live or on-demand content to Internet-connected
devices in markets covering over 600 million people in four continents. "We
have been selected by a very wide group of broadcasters," he notes.
Other major customers include Comcast, Disney and HBO.
The new funding will help the company continue to expand its
existing market share both in the U.S. and in international markets, Wymbs
notes, as well as develop new products for IP video delivery.