Online video provider Qwilt today announced it has closed a $16 million Series C funding bringing the company’s total capital raised to $40 million.
The funding round was led by Bessemer Venture Partners, with contributions from its current investors, Accel Partners, Redpoint Ventures and Marker LLC.
The new investment will be used to expand its international sales and engineering teams to meet global network operator demand for its flagship product, the Qwilt QB-Series Video Fabric Controller.
“Operators are struggling to meet the rapidly growing demand for streaming video. In laymen terms: it’s very difficult to deliver a quality viewing experience without straining their networks,” said Bob Goodman, partner at Bessemer Venture Partners. “Drawing on deep expertise in both networking and storage, Qwilt solves this problem with an impressive video delivery system that provides network operators with unprecedented visibility, control and improved quality of service. This smart approach to a tough problem is what attracted Bessemer, and frankly, it’s why they can point to high rates of adoption among operators as well.”
Qwilt’s flagship product line, the QB-Series Video Fabric Controller, monitors video traffic on operator networks, identifying trending and popular titles and then storing them locally at the subscriber edge, in close proximity to the end user. This eliminates the need for replication of content streams from origin sites or content delivery networks (CDNs), reducing network traffic and congestion for a seamless, high quality consumer viewing experience.
“We founded Qwilt with a vision to address the strategic problem of online video delivery for network operators. This investment from Bessemer, together with the ongoing commitment of our current investors, is further validation of our approach and momentum,” said Alon Maor, CEO and co-founder of Qwilt. “Bessemer’s support will accelerate our growth and success, as we continue to enhance our product and scale our operations to better serve our growing global customer base.”