Cisco Invests in GridNetworks
Cisco Systems has made a strategic investment in GridNetworks, an Internet television startup.
Seattle-based GridNetworks aims to provide a delivery system for streaming HDTV and film to computers and television via the Internet, and to furnish content providers with distribution and analytics services.
“We intend to make Internet television profitable for the entertainment industry, and for network operators, once and for all,” GridNetworks President Tony Naughtin said in a statement. “The strategic investment made by Cisco is a great endorsement of our ambitions to unlock the potential of Internet television for media owners, advertisers and service providers by delivering a consistently great user experience.”
Cisco Systems is a supplier of networking equipment and network management. GridNetworks declined to provide the exact amount of Cisco’s contribution, but did note that it brings the total of the service’s Series A financing to $9.5 million.