Israel streaming content delivery solution developer Qwilt announced today a new round of funding from Cisco Investments. No financial details were disclosed but media reports say that Cisco has invested $70 million at a company valuation of $800 million for Qwilt.
Qwilt says it will use the funds to accelerate its service provider edge cloud ambitions to build one of the world’s largest high-performing Content Delivery Networks (CDN) with global service providers.
Qwilt cofounder and CEO Alon Maor said, "This investment signals an inflection point for Qwilt and Cisco to expand upon our shared vision to help service providers use edge computing to deliver digital content experiences from their own networks. We are ready to accelerate our efforts by hiring new talent, elevating our marketing efforts and putting R&D into action for mass-scale growth."
With its development center in Hod Hasharon, Qwilt was founded in 2010 by Maor, Yuval Shahar, and Dr. Giora Yaron.
Qwilt’s edge cloud platform and open caching software and cloud solutions help Internet Service Providers address the dramatic growth of streaming media on their networks and the need for low latency, high scale infrastructure to support future applications. The company's cloud-managed open platform, running on commodity compute and storage infrastructure, and deployed close to consumers, creates a massively distributed Edge Cloud that supports applications such as Open Caching, 4K Live Streaming, AR, VR, and IoT.
Cisco EVP and general manager mass-scale infrastructure group Jonathan Davidson said, "Streaming is a primary focus for most service providers today to drive revenue. Cisco’s investment in Qwilt demonstrates our commitment to helping customers monetize their edge cloud infrastructure with a solution that improves the quality of service and reliability. We are seeing great momentum with customers around the world who believe in the powerful combination of Qwilt and Cisco to take them to the next level with an innovative content delivery platform for streaming and on-demand services, new applications and more."
Qwilt and Cisco’s CDN solution features an edge architecture, based on open caching from the Streaming Video Alliance, and a partnership-based business model in which service providers are part of the content delivery value chain.
Published by Globes, Israel business news - en.globes.co.il - on September 22, 2021
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