Layer3 TV, a startup that is being run by an executive team that includes the former chief technology officer of Comcast, announced an initial closing of a $21 million "A" round that will be used to fuel the development of a new IP-delivered video service that, it claims, will be friendly to traditional pay-TV business models.
A Securities and Exchange Commission filing dated March 6 cites a total offering amount of $25.07 million.
The round was led by North Bridge Venture Partners and Evolution Media Growth Partners, a joint venture of private equity firm TPG Growth and Evolution Media Capital (Evolution Media Capital is a J.V. backed by Creative Artists Agency, Hollywood's largest talent agency, and TPG Capital). North Bridge partner Jamie Goldstein is joining Layer3 TV's board of directors.
Billed as a "next-generation cable provider," Boston-based Layer3 TV is keeping a relatively low profile and its specific plans hush-hush, though people familiar with it say its platform will support live TV, on-demand content and possibly DVR services.