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Video-on-Demand Delivery Firm Arroyo Raises $12 Million

Authored by Mark Hefflinger on March 2, 2005 - 7:40am.
Pleasanton, Calif. -- Arroyo Video Solutions, a provider of video-on-demand delivery technology, announced on Wednesday that it has raised $12 million in its second round of venture capital financing. Matrix Partners led the round; previous Arroyo investors Doll Capital Management, Foundation Capital, Time Warner Investments and Comcast Interactive Capital also participated. The company also announced that CEO Kim Kelly has stepped down, to be replaced by co-founder and chief technology officer Paul Sherer on an interim basis. Pleasanton, Calif.-based Arroyo said its video-on-demand system, which it released in October, is now in trials or has been deployed by three top North American operators. The company, which has raised a total of $25 million to date, said the new financing will be used to accelerate growth in advanced video services by addressing new strategic opportunities and markets.
http://www.arroyo.tv/news/releases/2005-03-02.php 

tags: Deals | VC | Arroyo | Video-on-Demand Delivery |



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