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CastTV Gets $3.1 Million in Venture Capital

Apr 24, 2007  •  Post A Comment

Online video search service CastTV landed $3.1 million in funding in its first round of venture financing led by Draper Fisher Jurvetson, the company announced today.

CastTV also said it has signed a two-year deal to power online video search for a major media company, but declined to disclose the name of its new partner.

In addition, Internet pioneer and Netscape co-founder Marc Andreessen joined the board.

CastTV is among a growing number of companies jockeying for pole position in the race to become the de facto destination for Internet viewers searching for online video. Competitors include Blinkx, AOL and ClipBlast.

CastTV will beta launch its video search offering next month at www.CastTV.com, with a commercial launch slated for the summer. Most of the funding dollars are earmarked for hiring about 15 to 20 employees over the next year.

“We believe this is a huge opportunity,” said Alex Vikati, co-founder and president of the company. “The folks who get this right and manage to be the place where users go to get their videos will be in an important position. Building the company that can execute on that is our focus.”

(Editor: Horowitz)