CAMBRIDGE, Mass.--(BUSINESS WIRE)---- AOL and Brightcove Sign Video Content Distribution Agreement; Barry Diller Joins Brightcove Board of Directors
Brightcove, an Internet TV pioneer, today announced the completion of a major strategic financing round, a groundbreaking video content distribution partnership with AOL, and the appointment of Barry Diller, Chairman and CEO of IAC/InterActiveCorp and Chairman of Expedia, Inc., to the Brightcove Board of Directors.
AOL (NYSE:TWX), IAC/InterActiveCorp (Nasdaq:IACI), Hearst Corporation, and Allen & Company LLC have joined with existing Brightcove investors Accel Partners and General Catalyst Partners to invest $16.2 million in Brightcove. The investments complete a Series B financing round that will fuel the company's growth and the launch of its products and services.
In a separate industry milestone, Brightcove signed a significant and innovative content distribution agreement with AOL.
"We are thrilled to get both the backing of such a strong group of strategic investors and a major distribution agreement with AOL," said Jeremy Allaire, Brightcove Chairman and CEO. "The opportunities these investors bring to Brightcove, combined with the relationships we are already developing, put us in an incredible position to deliver our open Internet TV service and realize our mission to transform the media landscape by enabling video publishers to build broadband businesses that reach consumers directly through the Internet."
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