Veoh Networks Secures $30 Million from Silicon Valley HeavyweightsTuesday, June 3rd, 2008
Intel Capital, Adobe and Gordon Crawford Invest in Veoh to Drive Greater Discovery, Portability and Advertising Opportunities in Internet Television
LOS ANGELES — Veoh Networks, the world’s most comprehensive Internet Television service, today announced that it has received an additional round of funding led by Intel Capital, the global investment arm of Intel Corporation, and joined by Adobe Systems Incorporated and Gordon Crawford, senior vice president of Capital Research Global Investors. The funding from these new investors — with support from existing investors Shelter Capital, Spark Capital, Goldman Sachs, Michael Eisner’s Tornante Company, Time Warner Investments and Jonathan Dolgen — totals $30 million. Veoh will use the capital to further enhance its viewer offerings, strengthen its lead in video discovery, expand its advertising products and targeting capabilities, and extend its services across multiple platforms.
“The world of Internet television has changed dramatically in the past year. No longer limited to short-form video sharing, viewers are now tuning in online to watch long-form, quality entertainment,” said Steve Mitgang, CEO of Veoh Networks. “With a near-infinite universe of content now available online, the future of our industry will be led by those who help viewers easily discover new things they like to watch, enable portability, and provide effective targeting across all types of video audiences and all forms and lengths of content. Veoh is very happy to have the support of the most respected and innovative minds in media and technology as we drive forward on all of those fronts.”
“The online video space is primed for market expansion, and technology will play an increasingly larger role in how we entertain ourselves,” said Lucy McQuilken, investment manager, Intel Capital. “We are encouraged by Veoh’s consumer adoption and believe that the technical capability Veoh provides that enables consumers to watch video while online or offline is an important factor in driving media consumption across the PC, TV and mobile.”
Over the last twelve months, Veoh successfully established itself as one of the top global Internet television services. The company introduced multiple new community and social features for viewers, launched a proprietary behavioral ad targeting engine based on video consumption, and secured distribution relationships with major content owners including CBS, Viacom’s MTV Networks and FEARNet. Veoh ended the first quarter of 2008 with a full roster of brand-name advertisers and more than 28 million highly engaged viewers who spend an average of more than 100 minutes per month on Veoh.
“As the online video industry evolves, only a handful of companies will succeed in capturing a loyal viewer base and building a viable business around it,” said Anton Denissov, Broadband Video & Pay Television Analyst, Yankee Group. “The path to success for these companies lies in engaging viewers to build them into a loyal audience and then helping advertisers connect with them in a non-intrusive way.”
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