Inlet Technologies Secures $5 Million Series B Funding
Posted by Sachin Garg on 27th July 2005 | Permanent Link
Inlet Technologies announced that it has closed a $5 million round of venture financing. Inlet’s Series B investors include Technology Venture Partners (TVP), Telecommunications Development Fund (TDF) and North Carolina-based Capitol Broadcasting Company (CBC).
Inlet intends to use this capital to extend the market reach and penetration of its advanced encoding technology in the fast-growing digital media market. This patent-pending technology provides significant productivity benefits to customers who create content for distribution via video on demand, and next generation DVDs.
“The transition to digital television is inevitable and is in fact, progressing rapidly,” explained Jim Pastoriza, managing partner, TDF. “We are also seeing increasing amounts of content created in High Definition. However, there are still missing pieces of the value chain and Inlet solves the crucial problem of ‘time to quality output.’”
“For years we had been looking for an application to ease the bandwidth bottleneck that HD content creates, especially in electronic news gathering and mobile production,” said Jimmy Goodmon, vice president and general manager, CBC New Media Group LLC. “It was obvious to us early on that HD would cause similar problems for other companies throughout various levels of the industry. Television is the business we know best, and when the Inlet team approached us, we were confident that they had the capability to produce a rock solid product that could solve our bottleneck problems and also generate interest throughout the marketplace.”
The funding follows on the heels of strong momentum for Inlet. The company recently released the second generation of its Fathom advanced encoding solution, and secured key industry validation as one of millimeter magazine’s NAB 2005 Pick Hits. Inlet has also built a solid customer foundation with customers including Akimbo, CinemaNow, Microsoft Studios and others.
Inlet Technologies provides award-winning professional encoding solutions for next-generation content distribution. Inlet’s Optimized Compression, Encoding and Analysis (OCEAN(TM)) platform combines advanced compression formats with a proprietary encoding engine and analysis tools to enable intelligent, real-time encoding of high-definition content for the post-production and broadcast markets. Inlet’s Fathom(TM) professional VC-1 encoder delivers high-performance advanced compression to the post-production market and was recently selected as one of millimeter magazine’s NAB 2005 Pick Hits. Inlet Technologies is based in Raleigh, NC.