Omneon secure substantial venture capital funding

Omneon Video Networks have received some $12.5m from their latest venture capital financing round.
This financing, led by Accel Partners and Norwest Venture Partners (NVP), includes a significant new investor, Advanced Technology Ventures (ATV).
Incumbent investors also contributing to this round are Meritech, Intel Communications Fund and Lucent Venture Partners. With this investment, Omneon have now raised nearly $70m of venture capital and corporate funding.
This boost of funding follows Omneon’s recent announcements of their latest sales to PBS (Public Broadcasting Service) in the US and BSkyB in Europe.
Peter Wagner, general partner at Accel Partners, said: “In this tough economy when many venture-backed companies are finding customer wins hard to come by, Omneon have proven fiercely competitive, continuing to drive very strong revenue growth.”
Matthew Howard, principal at Norwest Venture Partners, added: “Omneon Video Networks have developed a revolutionary technology for the broadcast industry that enables companies such as PBS, BBC and BSkyB to benefit from the popular shared storage technology used in the IT world. With significant customer traction and award-winning technology that demonstrates an instant return on investment, Omneon have already proven that they are a leading player in this market and a sound investment opportunity for NVP.”
Omneon customers are broadcast television content producers and distributors who need to more effectively produce content and manage multiple distribution channels. Omneon’s current list of customers has expanded to include Public Broadcasting Service (PBS), Equity Broadcasting, and many call letter stations in the US, as well as the BBC and BSkyB in Europe.
Lawrence Kaplan, president and CEO of Omneon, said: “An investment of this nature in the current economic climate is reinforcement that the technology Omneon have implemented is transforming the economics of television broadcast operations worldwide.
"This funding will support Omneon’s mission to continue further product development while meeting the increasing demand for product and company growth.”
(GB)