Veoh Gets $30 Million In Additional Funding

Veoh Networks, just announced today that it has received a total of $30 million in additional funding from various investors including the investment arm of Intel, Intel Capital, and Adobe systems.  Just yesterday we broke the story that Veoh was blocking international users of countries which it deemed to have a low amount of viewers.  Interesting timing in that perhaps this is a way to demonstrate to investors their goal to generate revenue and avoid waste, as bandwidth and support costs for various countries must be high vs. revenue earned at this point.  Perhaps it has nothing to do with this announcement.... ;-)

"The world of Internet television has changed dramatically in the past year. No longer limited to short-form video sharing, viewers are now tuning in online to watch long-form, quality entertainment,” said Steve Mitgang, CEO of Veoh Networks. "With a near-infinite universe of content now available online, the future of our industry will be led by those who help viewers easily discover new things they like to watch, enable portability, and provide effective targeting across all types of video audiences and all forms and lengths of content. Veoh is very happy to have the support of the most respected and innovative minds in media and technology as we drive forward on all of those fronts.”

"The online video space is primed for market expansion, and technology will play an increasingly larger role in how we entertain ourselves,” said Lucy McQuilken, investment manager, Intel Capital. "We are encouraged by Veoh's consumer adoption and believe that the technical capability Veoh provides that enables consumers to watch video while online or offline is an important factor in driving media consumption across the PC, TV and mobile.”

Source: BUSINESS WIRE

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