It's a huge milestone day for Brightcove, as we announce the completion of a major round of private financing for $59.5M. The financing represents a huge vote of confidence in the Internet video marketplace, as well as specifically for Brightcove as a leader in the Internet TV revolution. You can read the formal press release here.
Brightcove welcomes several new investors -- major institutional funds Maverick Capital, Brookside Capital, AllianceBernstein, as well as two new strategic investors, The New York Times Company and Transcosmos (a leading online media and technology company in Japan). In addition to these new investors, all of our existing investors also participated in this financing round, including General Catalyst Partners (the Cambridge-based VC where I incubated Brightcove), Accel Partners, Allen & Company, AOL, The Hearst Corporation, and IAC/InterActiveCorp.
The investment will help us to continue to invest in and grow the company -- providing online tools to media creators and owners to help them distribute and monetize video online, and creating unique and empowering tools and experiences for consumers around online video.
We continue to partner aggressively with both major and emerging media companies -- we have put in place partnerships with major TV networks, music labels, newspaper and magazine companies, and major brand marketers, and have seen thousands of unique commercial channels launch in our system, created by a wide range of production companies, broadband startups, independent producers and even video bloggers. Stay tuned for a steady stream of major new partners launching with Brightcove.
If the Google/YouTube deal was any indication, 2007 is clearly going to be a major year for online video, and also a year of consolidation as many of the hundreds of online video startups seek a place in the new ecosystem. We also expect 2007 to be a year where established media companies make more bets, and continue to partner with leaders they can trust and who are well aligned with their desire to maintain choice and control over how their video is used online, while also empowering consumers.
We have a lot of exciting stuff in store for the upcoming year, so stay-tuned as we iterate and introduce new innovations for consumers (and consumer creators) and content owners around the world.