Time Warner Inc. Leads $15M Round In Net-Video Startup Conviva2/06/2012 6:34 AM Eastern
Conviva has closed a $15 million round of funding led by Time Warner Inc., whose HBO and Turner Broadcasting System divisions use the startup's online-video optimization technology for their "TV Everywhere" services.
With the latest round, Conviva has raised approximately $59 million to date. Other investors in the company include GGV Capital, Foundation Capital, New Enterprise Associates and Pelion Venture Partners.
San Mateo, Calif.-based Conviva claims its technology is used to ensure high-quality video for more than 1 billion streams per month. Using viewer-side statistics, its system can automatically adjust the video bit-rate and stream source before an interruption occurs.
"Conviva's online video analytics and optimization solutions have become key enabling technologies for several of our businesses' TV Everywhere initiatives including HBO Go," Time Warner Investments managing director Scott Levine said in a statement. "Conviva is the leader in the preemptive video-stream optimization and video-specific analytics space, and we hope this round of funding will fuel their fast growth. We are excited to invest in such an important strategic partner to two of our divisions, HBO and Turner Broadcasting."
According to Conviva, the latest round of funding will be used to accelerate growth in international markets and to expand staff.
"As we work with content companies like Time Warner, one of the industry's most aggressive and forward-thinking media companies, to extend their great content to digital platforms we prove that video quality matters for both viewers and content owners and that moving content online can be a profitable business," Conviva CEO Darren Feher commented. Feher, formerly chief technology officer of NBCUniversal, joined the company in October 2009. Conviva was founded in 2006 as Rinera Networks. In addition to HBO and Turner, customers have included NBCU, Indy Racing League, Yahoo and AEG Digital Media.