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GridNetworks, a company that powers IPTV, has received $9.5 million in funding from Panorama Capital, along with two other undisclosed strategic partners. Internap Networks Services Chief Executive Tony Naughtin is now heading up GridNetworks, along with two other Internap execs Christopher Wheeler and Mike Ortega.
GridNetworks' slant it to deliver HD-quality programming over the Internet, in an effort to bring the HDtelevision experience to broadband. It also aims to deliver video more securely and cheaper than its rivals, which include the likes of Brightcove.
With only about $500,000 in initial funding, GridNetworks has been around for a few years now, and is now getting the kind of funding that can help it better compete with the onslaught of IPTV services, such as DAVE Networks, which is building up an arsenal with its partnership with YuMe for video advertising.
[via seattle pi]
