Disney’s Steamboat, Others Put $7.5 Million In Elemental Technologies
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Elemental Technologies, a Portland, OR.-based startup that sells video processing systems used by content companies, has raised $7.5 million in a new funding round. The funding comes from Walt Disney Co. (NYSE: DIS) venture arm Steamboat Ventures, along with existing backers General Catalyst Partners and Voyager Capital.
CEO Sam Blackman tells us that Disney-owned ABC News is a customer and has been using Elemental’s technology to change the format of its videos so that they can be played on the network’s new iPad app. Other customers include CBS Interactive (NYSE: CBS) and Oceanic Time Warner Cable (NYSE: TWC) in Hawaii.
Blackman says the company will use the cash to build out its support infrastructure in order to improve customer service. Elemental also plans to expand in the U.S. and abroad. It recently launched Elemental Live, a product which encodes video so events can be distributed live online. (Here’s a a profile about that product on Xconomy).
With the new cash, Elemental will have raised $14.6 million since its start four years ago.
Posted In: Media & Publishing, TV, Broadcast, Money, M&A & Venture Capital, Venture Capital, Technologies / Formats, elemental technologies, general catalyst partners, steamboat ventures, voyager capital
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