Itiva Networks, a company that provides HD online video content delivery solutions, has received $7 million in its third round. Last May, the company raised $2.5 million and before that, it secured $4 million in its first round. Palo Alto-based Itiva plans to use the funds to expand its sales and marketing teams. Before coming to Itiva, Michel Billard, the company’s CEO, was director of strategic initiatives for HP-Digital Entertainment Services.
Itiva didn’t name the investors, but said that Jerry Pierce, former SVP for Universal Pictures, and Max Paley, VP of Multimedia for Apple, had joined its board. Release
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