Technology

Arroyo Gets $12M, Interim CEO

3/02/2005 2:33 AM Eastern

Arroyo Video Solutions Inc. said Wednesday that it has completed a $12 million series-B round of expansion financing.

The round -- which brings total venture-capital investment in the on-demand-solutions vendor to more than $25 million --was led by Matrix Partners with participation by all existing investors including DCM - Doll Capital Management, Foundation Capital, Time Warner Investments and Comcast Interactive Capital Group.

Arroyo also announced that cofounder and chief technology officer Paul Sherer has been named interim CEO replacing Kim Kelly, who announced her resignation Tuesday.

Former Insight Communications Co. Inc. chief operating officer Kelly said she was leaving the company due to the grind of a New York-to-California commute.

And the vendor said Matrix Partners partner Andrew Verhalen has been named to its board of directors.

March