Verismo Networks Secures $17 Million Funding
Date: Thursday , December 30, 2010
Verismo Networks, an Internet TV Platform headquartered in California and with development centre in Bangalore, India, has raised a funding of $17 million in a round led by Intel Capital. Verismo will use these funds to accelerate its growth and expand operations to continue to deliver its technology to its customers and channel partners worldwide. The company will expand its research and development (R&D) and sales efforts and has plans to develop its next generation product focused on service providers and Multi System Operators (MSO) both in the U.S. and international markets.
“The digital media landscape is very big. The VCs are interested in large markets. Verismo is a platform company and thus plays in a lot of digital media verticals. VCs love this as opposed to a consumer electronic firm trying to sell devices in retail. Verismo has healthy revenues and the technology risk is eliminated since the product is already deployed by many customers,” says Satish Mugulavalli, Co-founder and Chief Architect, Verismo Networks. The connected devices market is very large and is expected to grow to 140 million units by 2014. The company has built a platform for such devices and the demand for the same is worldwide.
Mugulavalli adds, “We offer a complete solution as opposed to many companies that develop just middleware or set top devices. However, our customer devices will compete with boxes made by Boxee, Roku and others.” Unlike Boxee and Roku whose focus is on creating consumer devices, Verismo is focused on service provider market helping them deliver triple-play services. He believes their main differentiating factor is Verismo’s service platform, to which the Verismo powered set-tops connects to and separates content quickly without programming the device. The company presently runs with 90 employees.