Online video delivery solutions developer Qwilt Inc. has raised $16 million in its third financing round. Bessemer Venture Partners led the round, and was joined by current investors Accel Partners, Redpoint Ventures, and Marker LLC. The company will use the proceeds to expand its international sales and engineering teams to meet global network operator demand for its flagship product, the Qwilt QB-Series Video Fabric Controller.
Qwilt has raised $40 million, including the current round, since it was founded in 2010 by CEO Alon Maor, chairman Yuval Shahar, and director Dr. Giora Yaron. The company is headquartered in Redwood City, California, has its development center in Hod Hasharon, and sales offices in the UK, Brazil, and Korea.
Qwilt says that the explosive growth of online video is straining the capacity and performance of operator networks, creating a strategic dilemma for cable, broadband, and mobile service providers. To keep pace with consumer demand and remain competitive, operators need to simultaneously address three strategic imperatives: improve consumer quality of experience, cost effectively increase network capacity and monetize over-the-top video traffic across their networks. The company's technology enables operators to increase network capacity, at a fraction of the cost of a traditional network expansion, while improving quality of service for customers.
"We founded Qwilt with a vision to address the strategic problem of online video delivery for network operators. This investment from Bessemer, together with the ongoing commitment of our current investors, is further validation of our approach and momentum," said Maor.
Published by Globes [online], Israel business news - www.globes-online.com - on July 30, 2013
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