Seattle - GridNetworks, a developer of Internet TV delivery technology, announced on Tuesday that it has raised $9.5 million in first round financing, led by Panorama Capital.

Two other undisclosed investors also participated.

Seattle-based GridNetworks says its peer-to-peer based technology can stream TV and film content with HD clarity via the Internet to a PC or living room TV, and is working to integrate its GridCasting service directly to media and entertainment companies; into network and consumer devices; and into carrier and cable operators' networks.

The company's president and CEO, Tony Naughtin, and other executives were co-founders of Internap Network Services.

GridNetworks will use the funds to expand product development and grow the company's Internet TV distribution businesses.

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