Omneon secures over $24M in latest round of funding

Omneon Video Networks, a Sunnyvale, CA-based developer of video transport technology, has completed its third round of funding to the tune of $24.8 million, bringing its total to more than $57 million of venture capital and corporate financing.

The round was led by Meritech Capital Partners and new investors include Chase H&Q, Intel Communications Fund, Palo Alto Investors, and Thomas Weisel Partners. Meritech Capital is a late-stage investment group formed by several venture firms, Oak Investment Partners, Redpoint Ventures, Brentwood Ventures and Worldview Partners. Previous round Omneon investors Accel Partners, Mayfield Fund, Norwest Venture Partners, Lucent Venture Partners and The Ignite Group also made new investments.

Started in 1998, Omneon has focused on developing a new format-agnostic media transport architecture based on the 1394 interface.

"We are pleased to receive this financing, which will support our business objective to become the new media infrastructure for content providers and distributors with business models that include streaming media to digital television, HDTV and beyond," said Lawrence Kaplan, president and CEO of Omneon. "This funding will help advance the Video Area Network that can openly support multiple formats, applications and transmission standards for television and Internet applications."

Edited by Tom Butts