Internet Video Company Brightcove Secures $60M
Adam Berry, vice president of marketing and strategy for Brightcove, said the company intends to use the money to expand offerings to advertisers, grow internationally, and build out its consumer site, Brightcove.com. "We want to offer new capabilities and features to respond to what we think is a very large market opportunity," Berry said.
The New York Times Company was one of Brightcove's earliest customers, forging a deal in February of 2006 to distribute broadband video for New York Times Co. property About.com.
"Video is a very important part of our future, and Brightcove clearly has a very good opportunity to be a player in that future," said Stephen Hirsch, vice president of corporate planning for the New York Times Company.
In the last year, Brightcove has signed deals with several large media companies, including Warner Music, and Sony BMG. Additionally, several months ago, Brightcove unveiled an online video syndication service.
In September, Brightcove announced it had secured $5 million from a group led by GE Commercial Finance.
Additional investors in this financing round include AllianceBernstein L.P., Brookside Capital LLC and Maverick Capital Ltd.