Brightcove has raised a Series D round of financing amounting to $12 million, according to a report from the Wall Street Journal. The financing of the Cambridge, Mass.-based video platform provider was led by existing investors Accel Partners and General Catalyst Partners, with AOL, Hearst, AllianceBernstein, Maverick, and Brookside Capital shipping in as well. The new round will bring the total amount Brightcove has raised since 2004 to a whopping $99 million.
Brightcove has officially confirmed the financing on its web site, but the Journal had a few more interesting tidbits to add:
“Brightcove sales are expected at about $50 million this year, according to a person familiar with the matter. With the new financing, it will have approximately $36 million in cash on its balance sheet, the person familiar with the matter said.”
Brightcove has been able to secure a number of high-profile deals recently, including signing up EMI and the New York Times. However, competition in the video platform space is heating up, and Brightcove could soon face competition from Google, which announced the acquisition of video platform provider Episodic last Friday.
Another sign for the gloves coming off in this space was last week’s squabble between Ooyala and Brightcove. Ooyala had approached a number of Brightcove customers with claims about security vulnerabilities in Brightcove’s solution. Brightcove refuted these claims and called Ooyalas approach of using these alleged vulnerabilities for is own gains “unethical.”
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