Clearleap announced this morning that it has raised $4.5 million in new funding from existing investors Noro-Mosely Partners, Trinity Ventures and Silicon Valley Bank. The funds will be used to advance its new Stream On Demand product, which enables cable companies and IPTV providers to stream video content to Internet-connected set-top boxes and connected TV services.
Up until this now, Clearleap has primarily been focused on providing a cloud-based solution for delivering online video to cable VOD services. That has helped it get integrated with 35 different pay TV providers, including six of the top 10 multichannel video companies in the U.S. In a phone interview, CEO Braxton Jarratt said that now those service providers are becoming increasingly interested in using its technology to augment their existing linear cable and VOD offerings with over-the-top video services.
That’s where Stream On Demand comes in. The new offering is designed to connect cable companies with a new class of connected devices such as TVs, Blu-ray players and broadband set-top boxes that serve up web video. Clearleap already has partnerships with Roku and RCDb that extend its reach to Roku devices and Blu-ray players, and is working to get integrated with other consumer electronics manufacturers.
For some customers, the extension of over-the-top video will be done in an authenticated way, creating TV Everywhere-type services for existing customers. But Jarratt expects that we will soon see some pay TV providers begin offering video services outside their existing footprint. That will allow some cable networks to begin offering service in areas where they don’t have existing cable infrastructure.
Clearleap, which was founded in 2008, has raised a total of $16.8 million to date. The company now has 30 employees and is headquartered in Atlanta, with offices also in New York and San Francisco.
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