BitGravity, the much-hyped content delivery network startup based in Burlingame, CA, has closed a $2.5 million “seed” round, from Allen & Co. and Sling founder and CEO Blake Krikorian. The company launched its service last year, and focuses on high resolution and live video delivery, and says it is at a lower cost than others. It powers video for Revision3 and Pump Audio, among others. It is in a heavily competitive space, from the likes of public companies like Akamai (NSDQ: AKAM) and Limelight (NSDQ: LLNW), and startups like Panther Express, and others.

A good profile of the CEO and the company is here on TVWeek.