Companies that can deliver video over the Internet have attracted big bucks from venture capitalists eager to cash in as content providers begin to provide more streaming services over the Web. The latest is Conviva Inc., a startup that delivers live events over the Internet and on Monday, Aug. 25, announced a $20 million funding round.
UV Partners of Salt Lake City led Conviva's latest funding round, with participation from New Enterprise Associates and Foundation Capital, both of Menlo Park, Calif., and both participants in the San Mateo, Calif.-based company's $9 million Series A round last year. The funding will be used to expand the company's global platform, accelerate product development and invest in business development with its customers.
"Live Internet video is really looking to be something that consumers want and the networks want to do," said Peter Sonsini, a partner at New Enterprise Associates. "Look at the Olympics -- NBC had tons of viewers on regular TV, but also tons of viewers on the Internet and it worked out great for them.
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