SOURCE: Verismo Networks
November 16, 2010 15:31 ET
Verismo Networks Raises $17 Million in Financing
MOUNTAIN VIEW, CA--(Marketwire - November 16, 2010) - Verismo Networks, an award-winning Internet TV platform, today announced that it closed $17 million in financing. Intel Capital led the round with participation from Verismo's existing seed investors. Verismo will use these funds to accelerate its growth and expand operations to continue to deliver its revolutionary technology to its customers and channel partners worldwide.
"Service providers have been struggling to meet new consumer demands of content anywhere, anytime. Our platform enables these providers the ability to deliver triple-play services profitably and cost effectively to their subscribers anywhere, anytime, on and off their network," said Prakash Bhalerao, President and CEO of Verismo Networks. "This round of funding extends the momentum we've achieved and allows us to continue to meet customer demand for our new platform."
The company recently announced a truly revolutionary Internet TV platform. The next-generation high-definition VuNow Internet TV platform allows Multi System Operators (MSOs), Internet Service Providers (ISPs) and Telcos the ability to deliver traditional linear channels combined with value-added internet services such as VoIP and social networking applications over the Internet to their existing subscribers. In addition, Verismo also enables service providers the ability to easily deploy their services to green field markets outside their existing footprint, offering new content and services anywhere, anytime.
Already deployed worldwide, Verismo's award-winning platform uses the internet as a distribution method, allowing service providers to rapidly expand their existing footprint and reach new global markets with minimal investment in their infrastructure. This ability to stream directly to the TV instead of the PC creates a huge opportunity for content providers -- enabling existing service providers to add new revenue generating services cheaply and a new breed of operators the opportunity to compete with established big name service providers.
"The service provider industry has begun its foray into the changing new world of diversified and on-demand entertainment. We are excited about the breadth of Verismo's technology offering and their ability to integrate multi-tiered and multiple services for their customers with existing infrastructure," said Curt Nichols, managing director, Intel Capital. "Verismo's platform opens up the market to new and emerging service providers -- enabling them to deliver rich content and services to new customers worldwide. Companies such as Verismo are paving the way to the new future of TV."
About Verismo Networks
Our mission is to redefine the home television entertainment experience. Our open internet TV platform is the only platform that brings seamless convergence of IPTV linear channels, internet video, social networking and personal media playback directly to the TV. The Verismo end-to-end solution enables OEMs to expand their reach globally and cost effectively while giving subscribers an un-paralleled viewing experience.
The Company is based in Mountain View, California with offices in Bangalore, India. For more information, visit www.verismonetworks.com.
About Intel Capital
Intel Capital, Intel's global investment organization, makes equity investments in innovative technology start-ups and companies worldwide. Intel Capital invests in a broad range of companies offering hardware, software, and services targeting enterprise, home, mobility, health, consumer Internet, semiconductor manufacturing and cleantech. Since 1991, Intel Capital has invested more than US$9.7 billion in over 1,100 companies in 48 countries. In that timeframe, 189 portfolio companies have gone public on various exchanges around the world and 258 were acquired or participated in a merger. In 2009, Intel Capital invested US$327 million in 107 investments with approximately 50 percent of funds invested outside the U.S. and Canada. For more information on Intel Capital and its differentiated advantages, visit http://www.intelcapital.com.