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GridNetworks Raises Additional Capital to Deliver Internet Television

Posted on: Tuesday, 11 March 2008, 09:00 CDT

GridNetworks, the leading provider of managed Internet television delivery services, today announced that Cisco Systems, Inc. has made an investment as a strategic investor in GridNetwork's Series A funding previously announced by Panorama Capital in October. With this latest investment, GridNetworks raised a total of $9.5 million in its Series A financing.

GridNetworks streams television and film content with HD clarity and high-fidelity sound to a computer or a television screen via the Internet. The company model is based on a hybrid set of technologies that deliver video to multiple platforms within the home on the TV, PC or other devices. The company's technology provides content providers who are delivering video to the home with software, real-time service management, and intelligent, network friendly video streams working in tandem, to help ensure that millions of viewers can simultaneously watch full screen HD programming from the Internet.

GridNetworks provides a compelling business proposition for content providers looking to deliver programming via the Internet, while retaining the high quality viewing experience their viewers are accustomed to.

Media companies working with GridNetworks can deliver a true television experience, via existing broadband connections, for a small fraction of what they are paying today in distribution costs. For the first time, content providers can also scale distribution to Nielsen-level audiences on the Internet, and receive the Nielsen-type data and analytics they need to develop compelling advertising and sponsorship packages.

Service operators and consumer electronics vendors working with GridNetworks can embed its flexible technology within their networks and devices to provide Internet video capabilities. Through these vendors, and partnerships with content distributors, consumers will have access to full screen HD content for a rich and seamless experience.

"By combining scalability with meaningful reporting and analytics we're enabling credible Internet television business models for the first time in the industry. We intend to make Internet television profitable for the entertainment industry, and for network operators, once and for all," said Tony Naughtin, President and CEO of GridNetworks. "The strategic investment made by Cisco is a great endorsement of our ambitions to unlock the potential of Internet television for media owners, advertisers, and service providers by delivering a consistently great user experience."

About GridNetworks

GridNetworks, based in Seattle, Washington, is a leading provider of managed Internet television services. Targeted primarily at media and entertainment companies, GridNetworks' GridCasting technology allows media companies to cost-effectively and reliably stream full-screen, HD quality, video content over the Internet. For more information, please visit http://www.gridnetworks.com.

Source: Business Wire

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