September 8, 2008 - Inlet Secures $10 million in New Venture Funding
Investment will support additional encoding solutions for the expanding new media market.
RALEIGH, NC – September 8, 2008 – Inlet Technologies today announced that it has secured $10 million in Series C venture financing. The round includes investments from Core Capital Partners, Technology Venture Partners (TVP), Telecommunications Development Fund (TDF) and North Carolina-based Capitol Broadcasting Company (CBC). To date, Inlet has raised a total of $20.5 million in venture funding.
This funding announcement comes on the heels of strong momentum for Inlet with six consecutive quarters of financial growth, a 30% growth in the number of employees, and more than 400% growth in its customer base over the past year. This latest capital infusion will help Inlet expand its leadership within this fast growing industry by adding to its sales and engineering teams as well as expanding its presence in the European and Asian markets.
Global Industry Analysts Inc. is forecasting the world video encoders market to grow 22% annually during the next seven years and exceed $3.2 billion by 2015. Inlet Technologies’ advanced encoding solutions are a key enabler of this trend. Successful customer applications include Major League Baseball Advanced Media, Microsoft, tennis, stock car racing, home shopping and others. This wide variety of customer wins demonstrates that pristine video quality, support for live streaming, hooks for dynamic ad insertion and support for video-on-demand by many of the larger download-to-rent/own providers are fueling the exploding monetization of online video.
Additionally, in the first half of 2008 alone, Inlet introduced Armada, a revolutionary new automated transcoding and encoding workflow management tool that won a DCP Pick Hit award at NAB 2008. Inlet also released a new version of Fathom, its multi-format encoding solution, and two new models of its Spinnaker live encoding solution that deliver HD and H.264 live streaming support for Flash media server and support multiple encoding formats simultaneously. Additional enhancements to both the Armada and Spinnaker product lines are scheduled for release by the end of the year.
“As the demand for new media continues to explode, Inlet is positioned to help every major content creator, producer, and distributor expand their audience and monetize their content in new ways, using the Internet,” said Neal Page, Inlet CEO and Founder. “This funding is validation of our existing strategy, and will allow us to grow both our product development and sales teams. We are delighted that this group of investors continues to support the company’s growth in this exciting market.”
About Inlet Technologies
Recently named to Frost & Sullivan’s Hot Company Watchlist for World Video Encoders and Transcoders, Inlet Technologies is a provider of advanced encoding solutions, enabling new media for new networks. Inlet solutions produce the highest quality video, faster and more efficiently than any other solution. Inlet allows content creators, programmers and distributors to increase production efficiency, reduce costs and deliver superior quality video over any Internet Protocol (IP) network. Inlet’s award-winning products – the Fathom® and Spinnaker™ encoder families and Semaphore™ automated quality control software – scale seamlessly from mobile to web to high-definition. Inlet solutions are ideal for applications such as Video on-Demand, Webbased video, real-time, professional streaming and digital archiving and dailies. Inlet customers, such as Modern Video, MLB.com and Microsoft, are able to expand their audiences and create new revenue from their valuable content. For more information, visit www.inlethd.com.
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