Qwilt Banks $16M in New Funding
LR Cable News Analysis Alan Breznick, Cable/Video Practice Leader, Light Reading 7/31/2013
The Silicon Valley firm secured the fresh funding in a Series C round led by Bessemer Venture Partners. Three of Qwilt's existing investors -- Accel Partners, Redpoint Ventures and Marker LLC -- also contributed to the funding round.
Qwilt has now raised $40 million in capital. The firm, which has about 60 employees, plans to use the fresh funds to expand its sales, marketing, product development and engineering efforts.
Qwilt's flagship product is a video delivery system known as the QB-Series Video Fabric Controller. The product is designed to help operators boost capacity and keep video transport costs down by monitoring traffic, identifying popular trends and titles and then storing those titles at the subscriber edge of the network. The company argues that this approach cuts network traffic congestion by eliminating the need to replicate video streams from the origin servers or content delivery networks.
The funding news is also notable because it comes as Qwilt appears to be on a bit of a roll with deployments and partnerships. Most recently, Choice Cable TV, a Puerto Rican cable operator, selected Qwilt's platform to manage over-the-top (OTT) video demand on its network.
Before that, Qwilt struck a technology partnership with Limelight Networks, a leading CDN provider. (See Qwilt Teams With Limelight.)
— Alan Breznick, Cable/Video Practice Leader, Light Reading