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On Networks Raises $12 Million Second Round for Online Video Network

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Austin, TX-based On Networks, a distributor original online video, has raised a $12 million second round led by Accel Partners. Also participating in the round were previous investors Austin Ventures and AT&T, (NYSE: T) which were involved in a $4 million first round last year, according to the Austin-American Staesman, bringing the company’s total amount raised to $16 million. The company has developed its own video production and management software, which it plans to develop further with the funding. Its content, which covers a range of topics from food to sports, is distributed through its own site, as well third party services like Apple’s (NSDQ: AAPL) iTunes and AT&T’s U-Verse platform. Co-founder and CEO Kip McClanahan was formerly the CEO of TippingPoint Technologies, since acquired by 3Com. Release.