Maven Networks Closes $12 Million in Series C Financing to Meet Exploding Demand for Internet TV Services and Technology

New Funding Brings Total Investment to $30 Million; Accelerates Maven’s Product Development and Market Leadership

Maven Networks recently announced it has closed on $12 million in Series C funding led by Prism Venture Partners of Westwood, MA. This latest round of financing includes participation from existing investors Palo Alto-based Accel Partners and General Catalyst Partners of Cambridge, MA, and brings the total amount of financing to $30 million. The new funding will be used to accelerate the company’s leadership in broadband video technology and products, fuel its global sales expansion, and introduce new services and solutions for leading media and entertainment companies.

Woody Benson, General Partner for Prism Venture Partners, will join Maven’s Board of Directors. A former CEO with over 25 years of technology and communications marketing experience, Benson focuses on investments in digital media and mobile communications technologies, as well as business infrastructure software. “In leading the innovation of technology used to create and deliver rich, professional quality broadband video channels and services, Maven has secured an unmatched list of customers,” said Benson. “The company has clearly demonstrated the value of its broadband video publishing platform for creating highly engaging and profitable Internet TV services.”

With consumer demand for Internet TV skyrocketing, broadcast and cable television companies are constantly challenged by the costs and technical complexities associated with rapidly transferring large media libraries online, integrating with existing business systems and workflow processes, and creating compelling and engaging consumer experiences. Maven Network’s Maven Media System (MMS) enables media companies to quickly and easily design and launch professional broadband video channels that offer unrivaled consumer experiences to increase media consumption, and generate new and profitable revenue streams.

“This latest financing from top venture capital firms is a testament to the tremendous global market opportunity in broadband video, and the great momentum and credibility we have established in securing over 20 of the largest media companies,” said Hilmi Ozguc, Founder, Chairman and CEO of Maven Networks. “We are in the midst of nothing less than the fundamental transformation of the television and motion picture industries. Maven already plays a critical role in enabling new advertising driven broadband video services and we are fortunate to have the backing of three leading venture firms with deep expertise in building high-growth digital media businesses.”