"ExtendMedia has announced that it received $12 million in venture capital funding in a Series B round led by TVM Capital. Previous investors Atlas Venture and Venrock Associates also participated in the current round. This financing follows a previous $11 million Series A round, bringing funding to a total of $23 million. The additional funds will be used to accelerate sales, marketing and product development efforts to meet strong market demand for both direct-to-consumer and ad-supported digital content businesses. ExtendMedia's OpenCASE(TM) solutions help power digital media commerce for Hewlett-Packard, SHOWTIME, ClickStar, Cablevision, Bell Canada, Manitoba Telecom Services, and major third-party integrators.
'Content rights owners and distributors need deep, broad enterprise-class technology and infrastructure in order to bring compelling digital content services to market,' said Jim Geary, CEO of ExtendMedia. 'We're already uniquely capable of meeting the complex requirements of large media companies and wireline and wireless service providers. This capital infusion allows us to accelerate our technology innovation, expand our unique market positioning and most importantly, help make our customers' businesses even more successful.' "
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