Conviva--a start-up that offers a platform called Conviva C3, which it says enables live, interactive and secure broadband video--has secured $20 million in a Series B funding round. The round was led by UV Partners, and saw the participation of Series A investors New Enterprise Associates (NEA) and Foundation Capital. The company says that it will use the new funding (note: it has raised a total of $29 million to date) to expand its global platform, accelerate product development, and invest in business development with key customers. "This investment is a fantastic milestone that validates the leadership team, the value to customers, and the confidence in our ability to execute," Carlos Ramon, Conviva's president and CEO, said in a prepared statement. "Raising such a fast and aggressive round of funding underscores the confidence in our innovative technology platform and the years of tremendous science that led to its development. In a crowded and cynical market plagued by empty promises, this funding bolsters Conviva's staying power and will propel us into the future."
Following the closing of the funding round, UV Partners managing director, Carl Ledbetter, has joined Conviva's board of directors--which also includes TiVo co-founder, Mike Ramsay. His resume includes stints as SVP of engineering/research and development and CTO at Novell (where he was responsible for the company's venture fund), and as president of AT&T's consumer products division. "Dr. Ledbetter will be a tremendous asset to the company, as he brings a wealth of technical knowledge, market insight, and proven executive leadership," NEA partner, Peter Sonsini, said in a prepared statement. "Like fellow board member Mike Ramsay, the co-founder of TiVo who fundamentally changed the way we watch TV, Carl is a visionary who will support our scientists and engineers as we transform the live online viewing experience for people around the world." Conviva bills its C3 platform as "the world's first media platform that enables content owners to intelligently and securely manage the distribution of live media and real-time programming online." According to the company, the platform was designed for live media from the ground up, and enables content owners to create a new "virtual living room" audience experience and improve the economics of digital media on the Internet. "Conviva has solved the most challenging problem of the Internet: ensuring a live, high-quality, online media experience," Foundation Capital general partner, Adam Grosser, said in a prepared statement. "By overcoming the broken mechanics of first-generation solutions, Conviva has radically altered the economics for content owners so they can realize new revenue streams by monetizing content never accessible before, differentiate themselves from competitors, and expand their global audience reach."
