Brightcove Networks With AOL, IAC Cash
Video startup Brightcove gets an early Christmas present with an infusion of $16.2 million and brings IAC chairman Barry Diller onto its board of directors.
Big money from AOL, IAC, and the Hearst Corporation means big expectations for Brightcove and its online video technology. AP noted the new investments and Diller taking a place on the Brightcove board.
Brightcove’s CEO and chairman has a familiar name: Jeremy Allaire. His previous company, which distributed the excellent HTML editor HomeSite, was purchased by Macromedia in 2001.
In 2006, Brightcove should extend its non-exclusive partnership with AOL into a co-branded service on AOL.com. That arrangement would send searchers to video content provided by Brightcove and AOL, with the latter providing a large volume of traffic from its regular visitors.
Brightcove said on its web site that it is “creating an open Internet TV service that empowers video producers and programmers to build broadband businesses while giving viewers more choices and control over their use of video and television.”
David Utter is a staff writer for WebProNews covering technology and business. Email him here.