Delve raises $1.6 million for online video publishing |
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Delve raises $1.6 million for online video publishing
Delve Networks has raised $1.6 million, money that the Seattle online video publishing service will use to reach cash flow positive by the end of this year.
"Obviously, we're building momentum. Our new video management platform as been well received and we're growing revenue impressively despite and tough economic environment," said Castro in an email this morning. "Our revenues were up 130 percent from Q4 2008 to Q1 2009 and we're signing up customers at a nice clip."
The new money provides what Castro described as a "cushion" as it attempts to hit cash flow positive. A regulatory filing said that Delve could raise as much as $11.2 million in this round, though Castro said he's not sure where that number came from.
The company -- formerly known as Pluggd -- continues to seek additional funding. Previous backers include Intel, DFJ Frontier and angel investors such as Scott Oki, Paul Maritz and Bill Bryant.
Delve has won a number of high-profile clients recently, including Pitchfork Media and The Department of Defense. It offers a full range of video hosting, publishing and analytics tools, as well as the ability for users to search for individual words or phrases within the videos.
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