SeaWell Networks Inc. secures $5 million in Series B investment
Toronto, February 1, 2012 – MaRS client SeaWell Networks Inc., a leader in multi platform video delivery software for network operators, announced that it has secured $5 million in Series B investment. Led by Northwater Intellectual Property Fund LP 2, with participation by BDC Venture Capital, the funding round will be used to support ongoing trials with customers, expand sales and distribution, and continue to augment the development of the company’s core product offering, Spectrum.
“SeaWell’s experienced team is well on their way to changing the video delivery industry,” said Krista Jones, Practice Lead in MaRS’ Information Technology, Communications and Entertainment (ICE) practice. “This financing round is demonstrative of the support for the team and their vision.”
Network operators have been scrambling to keep pace with the increasing demand for TV Everywhere products—subscriber video services that are capable of delivering online streaming video to multiple screens. Spectrum’s solution provides a superior user experience by enabling the delivery of adaptive bit rate (ABR) streams to multiple devices, while giving network operators unprecedented network and session control.
In addition, Spectrum provides new ways for network operators to monetize content, allowing them to dynamically insert unique ads into ABR streams based on the viewer’s session information and subscriber profile parameters, including device type and ZIP code.
“This is an important step for SeaWell and demonstrates continued support from our founding partners,” said Brian Collie, co-founder and CEO of SeaWell Networks. “As the industry continues to take huge strides toward broadband video, our vision of putting intelligence into the network comes into focus.”
About SeaWell Networks
SeaWell Networks Inc. provides software for service providers to manage and optimize the delivery of HTTP adaptive bit rate (ABR) streaming video to any device or platform. Our intelligent ABR management solution, Spectrum, simplifies the delivery of video while enabling new ways to monetize content. Spectrum combines ad insertion capabilities and on-the-fly repackaging for the most personalized video experience available.
About Northwater Intellectual Property Fund LP 2
Northwater Intellectual Property Fund LP 2 is managed by Northwater Capital Management Inc., a leading, privately held, investment management company. With offices in Toronto and Chicago, Northwater focuses on investments in intellectual property and intellectual property-rich companies. Northwater provides financing, counsel and connectivity to its portfolio of intellectual property investments to speed their projects to market and to defend their protected space. For more information please see www.northwatercapital.com.
About BDC Venture Capital
BDC Venture Capital has been involved in venture capital since 1975 and is a major venture capital investor in Canada. Active at every stage of the company’s development cycle, from seed through expansion, BDC Venture Capital focuses on technology-based businesses that have high growth potential and that are positioned to become dominant players in their markets. To date, it has invested in more than 400 companies, with investments totaling over $1.16 billion in the life sciences, telecommunications, information and advanced technology sectors, as well as commitments of $253 million in 19 funds. Visit www.bdc.ca for more information.
MaRS Discovery District (Twitter: @MaRSDD) is a mission-driven innovation centre located in Toronto. MaRS works with partners to catalyze, accelerate and amplify innovation. MaRS supports entrepreneurs building Canada’s next generation of growth companies.
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