Blog Post

Time Warner Cable Adds Funding To BlackArrow Financing Round

BlackArrow, a company that provided video-on-demand ad insertions for DVRs and other “advanced TV” systems, has added Time Warner Cable (NYSE: TWC) to its $20 million third funding round, which it secured last month. With the add-on by TWC and Motorola (NYSE: MMI) Mobility, the total amount raised for the round is now $27 million.

TWC joins a long roster of investors in the San Jose, CA-based company, including Cisco Systems (NSDQ: CSCO), Comcast (NSDQ: CMCSA) Interactive Capital, Intel (NSDQ: INTC) Capital, Mayfield Fund, Polaris Venture Partners and NDS, which led the third round.

Besides financial support, Joan Gillman, TWC’s president, media sales, has been named to the BlackArrow board of directors.

The “TV Everywhere” concept, which allows “authenticated” cable subscribers to view programming on web-based devices, continues to gain momentum with recent apps from TWC, Cablevision (NYSE: CVC) and individual channels such as the HBO Go feature, the ability to create ad environments outside the regular TV viewing environment is becoming more crucial. BlackArrow, heavily backed with a total of $67 million by the investors mentioned above, is in a good position to help lead that race.