Online video platform provider Qwilt gained US$16 million in a series C financing round led by venture capital firm Bessemer Venture Partners. Existing backers Accel Partners, Marker LLC and Redpoint Ventures joined Bessemer in the round which brought up Qwilt's total funding to US$40 million since its establishment three years before.
The new proceeds will be utilized to expand the online company's international distribution and engineering teams to meet global network operator demand for Qwilt QB-Series Video Fabric Controller, Qwilt's flagship product.
"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," stated Bessemer Venture Partners' Bob Goodman. "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, an online company based on Redwood City, California, was founded in 2010 by industry experts from Juniper and Cisco. It specialises in providing network optimization services to cable, mobile and telecom service providers.
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