Brightcove lands US$59 million in venture capital

2004 start up to expand its lead as a Internet TV provider

Internet TV startup Brightcove announced Wednesday that it has raised more than US$59 million in venture capital that it plans to use to expand and solidify its lead as a provider of Internet TV content.

The company scored the additional "series C" funds from a variety of investors, including AllianceBernstein, Brookside Capital, Maverick Capital, The New York Times, as well as Japanese firm Transcosmos.

Brightcove was founded in 2004 by Internet entrepreneur Jeremy Allaire and is a leading player in the emerging Internet TV marketplace.

The company said it will use the new money to expand internationally, in countries such as Japan, and deepen its service offerings and offer new tools to the company's media partners to "distribute and monetize video online."

In prior funding rounds, Brightcove had already attracted investments from the likes of Morgan Stanley and The Hearst Corporation, the company noted.

Brightcove already has partnerships with Warner Music Group, which uses the company's platform to offer on-demand access to its video catalogue, including artist interviews, live performances, and "behind the scenes" footage. Dow Jones & Co. struck a deal with Brightcove in November to offer a broadband video channel that gives Internet users access to video content from Barron's Online, MarketWatch.com and the Wall Street Journal Online.

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