PeerApp Raises $8M Series B
NEWTON, Mass. -- PeerApp Ltd., the leader in Intelligent Media Caching and bandwidth arbitrage solutions for Internet Service Providers (ISPs), today announced that it has raised US$ 8 Million in Series B funding. The round was led by existing investors Pilot House Ventures, Cedar Fund and Evergreen Venture Partners. The funds will be used to expand sales and marketing operations worldwide to meet increasing demand for PeerApp's products from the broadband and wireless markets.
"We're seeing tremendous demand for our products from service providers around the world, as growing volumes of peer-to-peer and HTTP streaming traffic cause congestion and dramatically increase their network costs," said Robert Mayer, PeerApp's CEO and chairman. "This additional investment will enable us to get our solutions to more customers in more markets."