Avail Media completes Series B funding
Date: Friday , February 01, 2008
Virginia based IPTV and advanced media services provider Avail Media has closed the final tranche of $25 million Series B equity round. Valhalla Partners joined previous investors including Columbia Capital, Novak Biddle Venture Partners, and Pioneer Ventures in the round.
The financing, along with $5 million in debt financing from a strategic investor and Silicon Valley Bank, brings the total capital raised this year to $30 million. Avail Media, founded in early 2007 as the result of the merger between Auroras Entertainment and Broadstream Communications, delivers its customers a full line-up of live television programming with hundreds of channels, all quality encoded in MPEG-4, IP encapsulated, encrypted, combined with VOD (Video on Demand), and designed for future value-added services.
Led by CEO Ramu Potarazu, former CEO of Broadstream Communications and COO of Intelsat, Avail Media acquired VOD programming supplier ViewNow in September 2007, giving itself the distinction of having the only full end-to-end solution with VOD and linear capabilities.
“We’ve made some significant advances this year which indicate that 2008 will be a year of continued expansion and productivity for us. First, our customer installation rate is already exceeding expectations. Second, because we operate the only MPEG 4 linear and VOD platform, we have a foundation upon which to build value added services,” says Potarazu.