Veoh Networks Secures $30 Million in Funding

LOS ANGELES, June 4: The Internet
television service Veoh Networks has received an additional round of funding
led by Intel Capital, the global investment arm of Intel Corporation, and
joined by Adobe Systems Incorporated and Gordon Crawford, the senior VP of
Capital Research Global Investors.

The funding from these new
investors, with support from existing investors Shelter Capital, Spark Capital,
Goldman Sachs, Michael Eisner’s Tornante Company, Time Warner Investments and
Jonathan Dolgen, totals $30 million.

Veoh will use the capital
to further enhance its viewer offerings, strengthen its lead in video
discovery, expand its advertising products and targeting capabilities and
extend its services across multiple platforms. Over the last 12 months, Veoh
introduced multiple new community and social features for viewers, launching a
proprietary behavioral ad-targeting engine based on video consumption, and has
secured distribution agreements with content owners like CBS, Viacom’s MTV
Networks and FEARNet. Veoh ended the first quarter of 2008 with more than 28
million viewers who spend an average of more than 100 minutes per month on
Veoh. Veoh.com has more than 100,000 content publishers.

“The world of Internet
television has changed dramatically in the past year,” said Steve Mitgang, the
CEO of Veoh Networks. “No longer limited to short-form video sharing, viewers
are now tuning in online to watch long-form, quality entertainment. With a
near-infinite universe of content now available online, the future of our
industry will be led by those who help viewers easily discover new things they
like to watch, enable portability, and provide effective targeting across all
types of video audiences and all forms and lengths of content. Veoh is very
happy to have the support of the most respected and innovative minds in media
and technology as we drive forward on all of those fronts.”

"The online video
space is primed for market expansion, and technology will play an increasingly
larger role in how we entertain ourselves,” added Lucy McQuilken, the
investment manager of Intel Capital. “We are encouraged by Veoh’s consumer
adoption and believe that the technical capability Veoh provides that enables
consumers to watch video while online or offline is an important factor in
driving media consumption across the PC, TV and mobile.”

—By Irene Lew