Internet video firm SundaySky raises $8 million

Carmel Ventures and Globespan Capital Partners have invested in the video solutions start-up.

Internet video firm SundaySky has raised $8 million from Carmel Ventures and Globespan Capital Partners of the US. This is the first round of raising investment funds for the start-up, which develops groundbreaking video solutions enabling publishers to infuse video clips with real time website data.

Shaul Olmert, who was formerly a senior VP for gaming at the New York division of MTV, has served as SundaySky's president for the past year and sits on the company's board of directors.

The company was founded in 2006 by Shmulik Weller and Yaniv Axen. CEO Weller said, "the fund raising will enable the company to swiftly expand its marketing, sales and business development activities, mainly in the US., while continuing to develop our product line. The rise in demand for video on the Internet opens up wonderful opportunities for SundaySky. I am happy that investors with a proven record of success in this sector, like Carmel and Globespan, have decided to invest in the company."

So it appear that despite the economic slowdown, venture capital funding continues.

Published by Globes [online], Israel business news - www.globes-online.com - on January 6, 2009

© Copyright of Globes Publisher Itonut (1983) Ltd. 2009

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