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SeaWell Networks raises $7 Million in Series A funding
By siliconindia
Toronto: SeaWell Networks, a provider of Internet video distribution products, has secured a $7 million Series A round of investment, including the conversion of seed funding. This round of funding is led by BDC Venture Capital, along with the participation of Northwater Intellectual Property Fund and Ontario Centres of Excellence.
SeaWell will use the funds to expand development and marketing efforts of their Internet video streaming solutions that will redefine how video content is delivered over the Internet. Founded in 2008, Canada based SeaWell Networks aims to develop solutions for the ever-growing online video streaming market. Consumers are embracing a growing array of video options. Today's empowered consumers demand their choice of display device, content, timing and location. Leveraging video compression standard, H.264 scalable video coding (SVC), SeaWell is currently developing a solution that not only enables a TV-like viewing experience but also significantly reduces the cost of delivering content.
Streaming video and audio now account for roughly 27 percent of global Internet traffic, according to the top ISPs worldwide, and is expected to grow to over 60 percent by 2013. The desired consumption of high-quality media over PCs, high-definition TV and mobile devices has generated huge increases in the volume of online traffic that must be delivered by media publishers and content distributors.
Brian Collie, CEO and Co-founder, SeaWell Networks said, "Our ability to complete this investment in the current economic environment underscores the immediate value we are delivering to customers and partners." Ram Ranganathan is the Director, Development at SeaWell Networks.
"SeaWell will create a superior experience for the viewer on a platform that is more flexible and infinitely more scalable. SeaWell has the three key ingredients for success that Northwater looks for a world-class team of proven entrepreneurs, an innovative solution and a large market opportunity with a highly compelling value proposition. We look forward to continued work with the team to establish SeaWell as the new standard for online media streaming," said Northwater Vice President and current SeaWell Director, Andrew Harrison.
