Web-Video Startup Elemental Raises $7.5M Led By Disney's Steamboat
Other Investors Include General Catalyst Partners, Voyager Capital
Todd Spangler -- Multichannel News, 7/27/2010 10:56:35 AM
Elemental Technologies, a startup developing video-processing solutions for mobile and broadband delivery using off-the-shelf hardware components, announced it has raised $7.5 million in second-round financing led by Walt Disney Co.'s Steamboat Ventures.Previous investors General Catalyst and Voyager Capital also participated in the financing round. In July 2008, Elemental raised $7.1 million from General Catalyst and Voyager.
The Portland, Ore.-based startup develops software that uses general-purpose graphics processing units to provide adaptive-bit-rate video streams delivered over mobile or broadband networks.
Elemental customers include ABC News, CBS Interactive and Time Warner Cable's Oceanic division in Hawaii.
With the latest round of funding, Steamboat managing director Scott Hilleboe will join Elemental's board of directors. "Steamboat clearly recognizes the opportunities and challenges created by consumers' insatiable appetite for video," Hilleboe said in a statement. "Elemental's disruptive video processing solutions are poised to change expectations regarding content delivery to any device or screen with exceptional video quality and unmatched price-to-performance."
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