SkyStream Networks, a provider of video networking systems to telcos and cable operators, recently secured $25 million in private funding, mainly from venture capital firm 3i US, but also including IVP, Mayfield and Norwest Venture Partners.
The funding comes after a year SkyStream added Safeway, Reuters, Belgacom, British Telecom Broadcast Services and Globecast to its customer roster. SkyStream plans to target the money toward developing network hardware and software, including routers and multiplexers, to deliver video and IP services like VOD and broadcast TV over broadband to reach more Fortune 500 customers.
SkyStream also recently announced J. Sanford Miller, managing director of 3i US, as its chairman of the board and Matt Howard, principal of Norwest Venture Partners, to its board of directors. Other members of the board represent Mayfield, Redpoint Ventures and IVP.
The Sunnyvale, Calif.-based company was founded in 1996 and touts a record of six consecutive years of sales growth. SkyStream has more than 150 global customers and its partners include BT, Clear Channel, EchoStar, HP and Sony.
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