Next-Gen Cable Layer3 TV Successful Gains $21M in Series A Funding.
Finally emerging from its stealth mode, the IP video startup know as Layer3 TV and staffed by a group of cable industry veterans have recently announced that it has successfully managed to raise an amount of $21 million in a Series A funding round.
The company has described itself as ” a next-generation cable provider” mixing “the best of television, social media, and digital life,” the company is lead by several well known cable industry veterans, including Jeff Binders as CEO, Dave Fellows as CTO, and Chuck Hasek as the head of video technology. Bind has before founded the video-on-demand company known as Broadbus Technologies, which has been sold to Motorola back in 2006. Fellow has been CTO for both ATT Broadband and Comcast corp. And Hasek was previously with Time Warner Cable as the architect of video systems.
The initial funding round was co-led by North Bridge Ventures Partners and Evolution Media Growth Partners, who are a joint venture between private equity firms TPG Growth and Evolution Media Capital.
Plans and Detail.
Layer3 TV has been incognito for the pass couple of months, with no announcements and unwilling to provide any details of the company’s launching plans except for a suggestion of Layer 3 not focusing on the legacy cable technology. This recent announcement has managed to only offer a small amount of details, but it will hint on Layer3 working with programmers and it will connect the television experience on to the Web.
“Massive consolidation in the cable industry has created a greater need for innovative startups to step out and lead. Layer3 TV’s technology aims to enhance the current eco-system, while providing consumers with simple, cool and technically advanced television solutions that can keep pace with the ‘Internet of Things.’ This is key to creating significant value,” said CTO Fellows.
The press release continued to explain that, Layer3 wishes to deliver a “differentiated video consumer experience” it wants to do so “within today’s programming and distribution paradigm.”
“In today’s connected world, the television is becoming more than just a lean-back experience — it is becoming the hub for state-of-the-art technology in the living room,” said CEO Binder. “Layer3 TV merges the television experience with consumers’ digital lives in ways that engage and enhance the programming and distribution eco-systems. We intend on delivering that promise.”