Omneon Secures Additional Funding
Apr 20, 2004 6:17 PM
Omneon Video Networks (www.omneon.com) has received an additional $10.5 million in financing, enabling the company to expand its product line development and accelerate market expansion. Invesco Private Capital led the round. Also participating were existing investors Accel Partners, Advanced Technology Ventures, Intel Capital, Lucent Venture Partners, Meritech Capital Partners, and Norwest Venture Partners, as well as new investor Centre Palisades.
This new round of financing will help the company capitalize on the growth it achieved in the market segment following a record sales year and record first quarter. New installations of the company’s Omneon Spectrum media servers include PBS, Raycom Media, and CBN in the United States; the BBC, BSkyB, and TV Cabo in Europe; and Network Ten in Asia/Pacific.
“Omneon has been on a very steep trajectory in terms of market segment acceptance of our product and technology, and we’ve grown to be the preferred provider of broadcast media servers,” says Joe Kennedy, CEO of Omneon. “To capitalize on our momentum, this new funding will allow us to expand development to address a wider market segment as well as accelerate penetration in new geographies.”
“Omneon is clearly a company that has capitalized on the industry transition to digital television and its convergence with IT technology,” says Esfandiar Lohrasbpour of Invesco Private Capital. “They had a revolutionary product concept before the market even knew that it needed it. The market has caught up to the Omneon vision, while competitors are still tied to outdated concepts and technologies. This is a great time for Omneon to translate its technological leadership into market leadership.”
Wes Raffel, general partner of Advanced Technology Ventures, says, “Omneon has done everything right in terms of developing a technology, presenting those developments to the industry leaders, and gaining acceptance from those leaders, and now the company is ready to make their solutions available to the more general broadcast market.”
