Imagine Gets More Dough
The video compression specialist confirmed to Light Reading Cable last month that it was seeking a replacement for current president and CEO Jamie Howard, who is expected to stay on the Imagine board after the swap. It's also in the midst of a product strategy change that will enable the company to go after the mobile and Internet video markets. (See Imagine Seeking a New CEO .)
Imagine says it intends to use the new funding -- from Court Square Ventures LLC , Columbia Capital , and Carmel Ventures -- to accelerate it toward that goal as it develops a new "real-time" MPEG-4 encoding, transcoding, and streaming technologies that apply to cross-platform and budding 3D video services.
Five-year-old Imagine has raised more than $34 million, getting off the ground with a video compression system that jams three HD MPEG-2 broadcast feeds into one 6MHz channel without affecting quality.
Although that product helped score business at Comcast Corp. (Nasdaq: CMCSA, CMCSK), industry sources have said Imagine's 3:1 broadcast HD business has flattened out, causing it to pursue new product strategies and ways to rekindle growth prospects.
— Jeff Baumgartner, Site Editor, Light Reading Cable