FastForward Networks Monday
secured $30 million in a mezzanine round of funding.
FastForward will use the
money to build out its organization to meet the needs of the content
distribution marketplace, and to move its networking platform for Internet
broadcasting service providers from industry trials and limited deployments
to volume production.
The investment round was led by Bowman Capital, which is a new investor in
the company, and includes corporate investors America Online Inc. (AOL), Enron
Broadband Services (ENE), Inktomi Corp. (INKT), Real Networks (RNWK) and Sun Microsystems Inc. (SUNW).
Existing venture partner Accel Partners also participated in the round.
The
company has also received private backing from a team of private investors,
including Andrew Ludwick, founder of SynOptics Communications, who was also
an early investor in the company. This round of investment brings the total
amount raised to approximately $35 million.
“FastForward not only has a market leading solution and corporate strategy,
it also has a strong management team capable of executing on its vision,”
said Matthew Cowan, general partner with Bowman Capital.
“The combination
makes FastForward a compelling opportunity for Bowman Capital as we look
forward to the growth of the streaming media marketplace.”
