UK satellite broadcaster Sky has made a US$4m equity investment in US video software startup Elemental Technologies to bolster its multiscreen delivery strategy.
The financing is part of a US$14.5m Series D funding round that was led by Australian…
UK satellite broadcaster Sky has made a US$4m equity investment in US video software startup Elemental Technologies to bolster its multiscreen delivery strategy.
The financing is part of a US$14.5m Series D funding round that was led by Australian incumbent telco Telstra, and joined by existing investors General Catalyst Partners, Norwest Venture Partners and Voyager Capital.
Elemental offers video processing products that enable broadcasters and pay-TV operators to stream live and on-demand content across a variety of devices. Its latest funding round means it has raised about US$44m since being founded in 2006.
Sky said the deal builds on the commercial partnership its OTT service Sky Go already has with Elemental, while also giving access to the US group’s leadership team to guide it on future developments in multiscreen technology.
Emma Lloyd, Sky’s director of corporate business development and startup investments, said: “Internet-delivered video is fundamental to Sky’s business and will continue to grow in importance as more and more customers access content across multiple screens and devices.
“By investing in Elemental, we not only strengthen our existing commercial partnership, but we have the opportunity to share perspectives and insight into how the combination of new technologies and changing customer demands will shape the video landscape of the future.”
The deal follows a spate of investments that Sky has made recently in startups such as cross-platform network Whistle Sports, online video aggregator Pluto.TV, and US ad tech firm Sharethrough.
Last month the company formerly known as BSkyB completed the takeovers of its sister companies in Italy and Germany: Sky Italia and Sky Deutschland.