OpenVault said it has secured "significant funding" from three small operators -- Service Electric Cablevision, Service Electric Cable TV & Communications and Blue Ridge Communications -- to help it move into the next stage of its development. Terms were not disclosed.
“The Service Electric companies and Blue Ridge share a vision of the connected future and their collaborative approach to working with technology companies is helping to spur innovation that is driving the broadband industry forward,” OpenVault co-founder and CEO Mark Trudeau said in a press release. “Their investment will bring a new dimension to our long-term partnership, and we’re excited to use the funds to expand our reach and accelerate our growth.”
OpenVault, based in Hoboken, N.J., helps broadband suppliers optimize and monetize their networks. In a press release, the company said the investment from the three cable operators, who are also customers, will help it accelerate growth domestically and internationally, most notably in Europe and Latin America.
“As broadband has increased in prominence, companies such as OpenVault have played essential roles in supporting our delivery of high-quality services,” Blue Ridge Communications and Pencor Services president David Masenheimer said in a press release. “By making a direct investment in OpenVault, we can be financial catalysts to their growth, while providing strategic guidance that can help them align product technology development with industry needs.”
Mike Farrell is senior content producer, finance for Multichannel News/B+C, covering finance, operations and M&A at cable operators and networks across the industry. He joined Multichannel News in September 1998 and has written about major deals and top players in the business ever since. He also writes the On The Money blog, offering deeper dives into a wide variety of topics including, retransmission consent, regional sports networks,and streaming video. In 2015 he won the Jesse H. Neal Award for Best Profile, an in-depth look at the Syfy Network’s Sharknado franchise and its impact on the industry.
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