Internet TV company Brightcove picked up $59.5 million in strategic funding, which it intends to use to accelerate its international expansion and solidify its position in the Internet TV market, as the market matures and consolidates in the coming year. Brightcove provides a platform on which others can offer online video.
"This investment in Brightcove will enable us to grow our business at a critical juncture in the adoption of Internet TV," said Brightcove founder and CEO Jeremy Allaire. "With the new funds we will be expanding internationally, deepening our service offering to give media partners better tools to distribute and monetize video online, and empowering consumers to interact with that content in exciting new ways."
Led by Alliance Bernstein, Brookside Capital and Maverick Capital, the funding round also included investments from The New York Times Company and Transcosmos, as well as all of the company's existing strategic and financial investors, Accel Partners, Allen and Company, AOL, General Catalyst Partners, The Hearst Corporation and IAC/Inter Active Corp.
Brightcove launched its latest platform in October, becoming a syndication marketplace and broadband media network. The company says that emerging media and independent producers have launched thousands of new commercial broadband channels with Brightcove.
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