CacheLogic raises $20m to push into new territories, expand product range
Cambridge-based peer-to-peer technology specialist CacheLogic said today it had closed a $20m Series C funding round led by Amadeus Capital Partners and supported by existing investor 3i along with syndicate members Pentech Ventures and The Cambridge Gateway Fund.
CacheLogic will use the new money to expand sales coverage for its established P2P technologies into new geographic areas and extend its product portfolio to support the delivery of video content.
The company's newly-appointed CEO Pat Chapman-Pincher (pictured) said: “Having established CacheLogic as the leading provider of P2P technology to the ISP marketplace, we are now expanding our products to cater for the needs of the content owners and distributors. With the benefit of this additional funding we will quickly broaden our market coverage and bring exciting new offerings to market.”
The company said it is uniquely placed to facilitate the use of P2P technology for content delivery over the Internet by balancing the requirements of both Internet Service Providers and content owners alike.
CacheLogic was founded in 2002 and has grown to become a leading provider of P2P technology to the ISP sector. From this position its next evolution is to bring its technology and expertise together to facilitate a whole new generation of content distribution over the Internet. The firm said the springboard for this evolution is its current suite of complementary products, which offer carrier-grade solutions enabling ISPs to achieve significant cost savings through the intelligent management of P2P traffic across their networks.
VC support
Amadeus Partner Simon Cornwell said: “2007 will be the year of first large scale consumer launches of video content, currently being trialled by companies including the BBC, Warner Brothers and NTL. As more content owners embrace peer-to-peer to deliver content, this market has the potential to grow substantially over the next two years and CacheLogic, already a global leader in peer-to-peer, is well positioned to become a major player in this space.”
3i partner Ben Gales said that his company was "first attracted to CacheLogic over 18 months ago as a company that understood the P2P space and its potential to transform the way rich media is distributed. We are delighted with how the business has developed since then.
"Today major firms are recognising the value they can obtain from using CacheLogic's solutions - reaping the economic benefits of P2P with the quality of service of conventional distribution networks. We look forward to working with Amadeus and the rest of the syndicate, to support the management to achieve their future expansion plans.”
10th July 2006
