Comcast Ventures, the corporate venturing arm of mass media company Comcast, has exited US-based sort-form video platform Vessel in an acquisition by telecommunications group Verizon, VentureBeat reported on Wednesday.
Vessel operates a subscription-based online service that enabled media partners including Discovery Digital Networks, A&E, NBC and the NBA to broadcast short video content.
Verizon did not disclose the purchse price. It intends to absorb Vessel’s technology but will shut down the service at the end of this month.
The company had raised a reported $132m prior to the acquisition, including $75m from Benchmark, Greylock and Bezos Expeditions in mid-2014.
Vessel added $57.5m in April 2015, three weeks after the service launched, in a round led by Institutional Venture Partners. Reports this week stated Comcast Ventures, Saban Capital Group and Third Wave Digital were also investors.
Vessel CEO Jason Kilar and chief technology officer said in a joint blog post: “At the heart of this transaction is the Vessel technology, product and team that we have built. These three things will be married with Verizon’s ambitions in online video.”