Veoh Networks secures $30 million from Silicon Valley heavyweights

Mumbai: Internet television service Veoh Networks (www.veoh.com) has received an additional round of funding worth $30 million led by Intel Capital, the global investment arm of Intel Corporation, joined by Adobe Systems and Capital Research Global Investors senior vice president Gordon Crawford. The funding comes from these new investors with support from existing investors Shelter Capital, Spark Capital, Goldman Sachs, Michael Eisner’s Tornante Company, Time Warner Investments and Jonathan Dolgen.

Veoh will use the capital to further enhance its viewer offerings, video discovery, advertising products and services across multiple platforms.

"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. 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," said Veoh CEO Steve Mitgang.

"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," said Intel Capital investment manager Lucy McQuilken.

Over the last 12 months, Veoh introduced multiple new community and social features for viewers, launched a proprietary behavioral ad targeting engine based on video consumption, and secured distribution relationships with major content owners including CBS, Viacom’s MTV Networks and FEARNet. Veoh ended the first quarter of 2008 with a full roster of brand-name advertisers and more than 28 million highly engaged viewers who spend an average of more than 100 minutes per month on Veoh.

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