Thursday, May 27, 2010
Move Networks Shifts HQ To California, Raises Funding
Move Networks, the developer of adaptive streaming software for transmitting high definition video over the Internet, has quietly moved its headquarters to Southern California, and has raised $3.0M in a new funding round. The funding round came to light today via a regulatory filing, which indicates the firm is pursuing a $20M fundraise. No details on the funding, or move, have been announced by the company. Move now lists its headquarters in Irvine, California, although it apparently still has operations in American Fork, Utah, where the firm has been based since its founding by Novell founder Drew Major. Source of the new funding has not been released, however, the firm has previously raised capital from Steamboat Ventures, Benchmark Capital, Cisco Corp., Comcast Interactive Capital, Hummer Winblad Venture Partners, and Microsoft Corp. It's unclear what the effect of the move is on the company's Utah employee base, however, it looks as if the firm has made some major changes in its executive lineup.