Digitalsmiths has closed a $12 million Series B round of equity financing from a combination of new and returning investors. Boston-based venture capital firm .406 Ventures joined returning investors The Aurora Funds and Chrysalis Ventures in the investment that was announced today by Ben Weinberger, CEO, Digitalsmiths.
“After looking at numerous potential digital video investments, the magnitude of opportunity at Digitalsmiths became crystal clear and we are delighted to have led this financing round,” said Maria Cirino, Managing Director, .406 Ventures. “The quality of Digitalsmiths’ indexing and analytics is unparalleled and as such offers exciting possibilities to content providers and advertisers looking for newer and more promising ways to monetize vast amounts of internet video. The traction that Digitalsmiths has already achieved with blue-chip customers speaks volumes for the company’s market-leading technology and is a credit to Ben and his talented team.”
“With an investment focus in the Southeast U.S., Chrysalis got involved with Digitalsmiths early in its development,” said Wright Steenrod, Principal, Chrysalis Ventures. “The deals the company is striking with major media companies solidify Digitalsmiths’ role in shaping how broadband video will be monetized.”
“Given the feverish pace at which the broadband video marketplace moves, keeping a product offering up to date is often considered a feat in itself,” said Jan Bouten, Principal, The Aurora Funds. “But the team at Digitalsmiths has consistently been ahead of the market with their technology development decisions. The media companies who depend on technological excellence to monetize their content should love them for it.”
“In the next phase of broadband video adoption, success will be earned one video stream at a time,” notes Weinberger. “Our suite of technology solutions insures that our clients have the granular content indexing, distribution, tracking and analytics required to maximize the value of every single viewer experience with their content on every interactive platform.”
The current round of funding will be used to accelerate Digitalsmiths’ product development initiatives with a view to extending the technological leadership and engineering innovation that has kept the company several steps ahead of its competition throughout its history.
Digitalsmiths received $200,000 in SC Launch! funding in 2006, and was a presenting company at Innoventure the same year.
via: Digitalsmiths
