Telecommunications company Telstra has led a $14.5m series D round for US-based video processing software provider Elemental Technologies that also featured broadcaster BSkyB.
Telstra and Sky were joined by venture capital firms General Catalyst Partners, Norwest Venture Partners and Voyager Capital, all of which are existing investors.
Founded in 2006, Elemental has created a delivery platform for online videos. The cash will be used to accelerate the company’s international growth as it expands its product range to support the entire online video intellectual property chain.
Elemental has now raised $43.2m in total, including $13m from a 2012 series C round that also featured Steamboat Ventures, the VC firm affiliated with entertainment producer Walt Disney Company. That figure does not however include a reported investment by computing company Citrix, which provided an undisclosed amount of funding in 2011.
Mark Sherman, managing director for Telstra’s global enterprise and services, said: “With its software-defined video processing and delivery solutions, Elemental is at the forefront of video delivery and the evolution of content monetisation. Our investment in Elemental will enable Telstra to create value for our global media customers.
“Elemental’s unique offer provides the flexibility and scalability to ensure a great customer experience despite high network traffic demands.”