Team with Proven Track Record of Creating Leading Software and Infrastructure Solutions
TORONTO, March 8 /CNW/ - SeaWell Networks Inc., an emerging provider of Internet video distribution products, today announced that it has secured a $7 million Series A round of investment, including the conversion of seed funding. Led by BDC Venture Capital, the round also included Northwater Intellectual Property Fund and Ontario Centres of Excellence. SeaWell will use the funds to expand development and marketing efforts of their Internet video streaming solutions that will redefine how video content is delivered over the Internet.
Founded in 2008, SeaWell Networks has assembled a strong team with previous start-up success in networking, Internet video and mobile industries to develop next-generation solutions for the ever-growing online video streaming market. Consumers are embracing a growing array of video options. Today's empowered consumers demand their choice of display device, content, timing and location. Year-over-year, unique viewers, total video streams, streams per viewer and time per viewer continue to increase at record levels. Streaming video and audio now account for roughly 27 percent of global Internet traffic, according to the top ISPs worldwide, and is expected to grow to over 60 percent by 2013.
The desired consumption of high-quality media over PCs, high-definition TV and mobile devices has generated huge increases in the volume of online traffic that must be delivered by media publishers and content distributors. To date these organizations have been forced to over-provision their existing delivery networks in an attempt to address the quality and scalability challenges created by this surge in media traffic. Leveraging video compression standard, H.264 scalable video coding (SVC), SeaWell is currently developing a solution that not only enables a TV-like viewing experience but also significantly reduces the cost of delivering content.
"Given the expertise and the large number of investments in the information and communications technology sectors, BDC was able to recognize the value proposition of SeaWell's SVC-based technology platform", said Nazmin Alani, Managing Director BDC Venture Capital, who joins the SeaWell's board of directors. "We believe SeaWell's technology, which is more scalable and cost effective than existing technology, will fill a need in the marketplace and position the company for future growth." Prior to BDC, Mr. Alani served as VP, Consulting with Gartner, a leading IT research and advisory company and held various positions in leading mobile and satellite communications organizations.
"SeaWell's technology is a game-changing innovation that allows video providers to create Internet-ready video content and deliver it to any screen or device in HD quality full-screen resolution or in lower resolutions for low bandwidth mobile devices," said Northwater Vice President and current SeaWell director, Andrew Harrison. "SeaWell will create a superior experience for the viewer on a platform that is more flexible and infinitely more scalable. SeaWell has the three key ingredients for success that Northwater looks for - a world-class team of proven entrepreneurs, an innovative solution and a large market opportunity with a highly compelling value proposition. We look forward to continued work with the team to establish SeaWell as the new standard for online media streaming."
"We are pleased to be working with this group of experienced investors and look forward to leveraging their expertise and networks," said Brian Collie, CEO and co-founder, SeaWell Networks. "Our ability to complete this investment in the current economic environment underscores the immediate value we are delivering to customers and partners."
About SeaWell Networks
SeaWell Networks Inc. is a provider of Internet video delivery products designed for use by content producers and their content delivery partner organizations. SeaWell leverages video compression standard, H.264 scalable video coding (SVC), to uniquely create and deliver a high-quality viewing experience online while significantly reducing the cost of delivery. For more information see www.seawellnetworks.com.
About BDC Venture Capital
BDC Venture Capital has been involved in venture capital since 1975 and is a major venture capital investor in Canada. Active at every stage of the company's development cycle, from seed through expansion, BDC Venture Capital focuses on technology-based businesses that have high growth potential and that are positioned to become dominant players in their markets. To date, it has invested in more than 400 companies with investments totaling over $1.16 billion in the life sciences, telecommunications, information and advanced technology sectors, as well as commitments of $253 million in 19 funds. Visit www.bdc.ca for more information.
About Northwater Intellectual Property Fund LP 2
Northwater Intellectual Property Fund LP 2 is managed by Northwater Capital Management Inc., a leading, privately held, investment management company. With offices in Toronto, New York and Chicago, Northwater focuses on investments in intellectual property and intellectual property rich companies. Investee companies typically have compounding business models with elements of licensing, royalties and/or subscriptions to achieve scale. The fund is diversified across industry sectors, geographies and the capital structure. The fund's objective is to combine leading intellectual property, compounding business models and world-class management to generate exits and excess returns. For more information please see www.northwatercapital.com.
About Ontario Centres of Excellence
Ontario Centres of Excellence (OCE) Inc. drives the commercialization of cutting-edge research across key market sectors to build the economy of tomorrow and secure Ontario's global competitiveness. In doing this, OCE fosters the training and development of the next generation of innovators and entrepreneurs and is a key partner with Ontario's industry, universities, colleges, research hospitals, investors and governments. OCE's Centres work in communications and information technology, earth and environmental technologies, energy, materials and manufacturing and photonics. OCE is funded by the government of Ontario and is a key partner in delivering Ontario's Innovation Agenda. OCE through its Centre for Commercialization of Research (CCR), an initiative supported by the Networks of Centres of Excellence of Canada, also acts as a catalyst which allows innovative businesses to grow and achieve sustainable, commercial success and global competitiveness. For more information see www.oce-ontario.org.
SOURCE SEAWELL NETWORKS INC.
For further information: For further information: Mary Kay Crocker, For SeaWell Networks, (801) 592-5575, email@example.com