Online video streaming technology firm Move Networks, based in American Fork, Utah, has raised $11.3 million second round, reports PE Week Wire, citing SEC filings. Backers include Hummer Winblad Venture Partners and Steamboat Ventures (part of Disney).
Techrockies: According to one of the firm’s venture backers has been delivering online video for companies like MySpace/Fox and others. Novell founder Drew Major is Chief Scientist of Move Networks.
Updated: The company has officially announced it. Founder is Drew Major, who previously founded Novell, and Arroyo, which sold to Cisco last year for $92 million. The company says it gives a much higher quality experience to viewers, resulting in no buffering.