Massachusetts-based firm Layer3 TV raises $21M in Series A funding
Cable TV firm Layer3 TV has secured $21 million in its first financing round. North Bridge Venture Partners and Evolution Media Growth Partners are the lead investors in the said round, according to TechCrunch.
Chief Executive Officer (CEO) and co-founder Jeff Binder said of the company in a press release: "Layer3 TV merges the television experience with consumers' digital lives in ways that engage and enhance the programming and distribution ecosystems. We intend on delivering that promise."
Layer3TV has just emerged from stealth mode and it is still not clear what the firm is working on right now. However, there are speculations that the company will release a new product, the report stated.
According to Re/code, these are the founders of Layer3 TV: Binder, who also founded on-demand TV firm Broadbus Technologies, which is now owned by Motorolla; Dave Fellows, previously worked as the CTO of Comcast and ATT Broadband; Chuck Hasek, who created Time Warner Cable's video systems; Eric Kuhn, who managed social media for CNN; and Vic Odryna, who formerly headed Idea Arc and ZeeVee.