MaRS client secures $7 million in Series A funding
Toronto, March 8, 2010 – MaRS client SeaWell Networks Inc., an emerging provider of Internet video distribution products, has secured a $7 million Series A round of investment, including the conversion of seed funding.
Led by BDC Venture Capital, the round also included 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, SeaWell Networks is developing next-generation solutions for the ever-growing online video streaming market, which is expected to jump from approximately 27% of global online traffic to over 60% by 2013.
SeaWell’s team worked with MaRS to access market intelligence reports, connect with senior industry executives for advice and engage a marketing mentor firm that has been instrumental in accessing key analysts, potential customers and distribution partners.
SeaWell is currently developing a solution that not only enables a TV-like viewing experience but also significantly reduces the cost of delivering content for organizations that have to-date been forced to over-provision their existing delivery networks in an attempt to address the challenges created by surges in media traffic.
MaRS Discovery District (www.marsdd.com) is a large scale, mission driven innovation centre located in Toronto and networked across Ontario, focused on building Canada’s next generation of technology companies. MaRS works closely with entrepreneurs to grow and scale their ventures into global market leaders in life sciences and health care, information, communications and digital media technologies, cleantech, advanced materials and engineering, as well as innovative social purpose business.