IPTV firm Maven Raises US$12m

August 9, 2006 - Maven Networks, a broadband TV company that counts AETN International, 20th Century Fox and National Geographic among its clients, has raised US$12m in third-round financing. The firm is one among a proliferating number of players offering traditional media owners the means to launch internet TV channels.

Maven's roster of partners also includes the UK's GMTV, The Hallmark Channel, Sony Pictures and Walt Disney Pictures, plus advertisers like Budweiser and Nike.

The latest round of US$12m financing, led by Prism Venture Partners with involvement of existing investors Accel Partners and General Catalyst Partners, brings Maven's total funding to date to US$30m.

"We are in the midst of nothing less than the fundamental transformation of the television and motion picture industries," said Maven Networks' founder, chairman and chief executive Hilmi Ozguc. He said that the company's latest financing was "testament to the tremendous global market opportunity in broadband video".