Steamboat Ventures, the corporate venturing unit of US-based entertainment company Disney, has helped US-based video processing company Elemental Technologies raise $13m on Tuesday.
Elemental was joined in the C round by venture firm Norwest Venture Partners, which led the round, and venture firms General Catalyst and Voyager Capital.
Elemental has also appointed Kevin O’Hara as chairman.
Elemental was backed last year by Citrix Systems, a US-listed virtual computing company. Elemental and Citrix have worked together on virtualized applications, such as computer-aided design software, and plan further developments in video applications in a virtual environment, including programme guides.
In 2010, Steamboat Ventures, the corporate venturing division of media group Walt Disney, joined the US government’s venture capital unit in funding Elemental. Elemental raised $7.5m in its series B round, with Steamboat leading and joined by repeat VC investors General Catalyst and Voyager Capital.
In-Q-Tel, the independent strategic investment firm that identifies innovative technology solutions to support the mission of the Central Intelligence Agency and the broader US intelligence organizations, backed Elemental in February 2009, seven months after its $7.1m series A round.