Israeli P2P start-up Pando Networks Ltd. is seeking to raise $21 million. The company today announced the first closing of the financing round, in which it raised $8.1 million. The company has raised $19 million to date, including the initial closing of the current round, from BRM Capital, Intel Capital, and Wheatley Partners.
Pando's P2P software enables users to download and share large media files at high quality. The company has set an ambitious goal: "to establish a new Internet infrastructure standard for efficient, secure and commercially viable rich media delivery." It adds, "current Internet protocols need to be re-thought and re-defined to accommodate our insatiable demand for rich media, particularly high quality video online."
Pando was founded by two entrepreneurs, CTO Laird Popkin and CMO Yaron Samid, who had previously founded companies in BRM's portfolio. Popkin previously served as director of digital technology for Warner Music Group and as CTO of 3Path.
Last week, Pando announced an agreement with NBC Universal to provide video delivery services for the new NBC Direct service. NBC Direct will offer free high-resolution downloads of programs across the NBC prime time line up. Pando undertook not only to transfer the content, but to protect the copyright by using encryption and other tools.
Published by Globes [online], Israel business news - www.globes-online.com - on March 13, 2008
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