Verimatrix, the pay-TV content security vendor, has closed Series C round of funding. The company is not disclosing the amount. The total amount from prior rounds adds up to $23m, which includes $2m in angel investments that were not announced. Sources suggest the investment is in the region of $7 million with post-money company valuation of $90 million.
The vendor has sold 5 million product licenses that include IPTV set-tops and PC clients. This number is obviously a little ahead of live subscriber numbers. Verimatrix had its first deployment in 2003 at Korea Telecom. It has an impressive list of tier ones IPTV customers including NTT, Belgacom, KPN, Tele2/Versatel, Telecom Italia and TeliaSonera.
In total the company has 150 global IPTV service provider customers in 32 counties, which according to the vendor will double in the next 12 months.
Verimatrix also serves hybrid IP/Satellite providers. About 20% of business comes from the hybrid deployments, which the company expects to ramp up significantly as it brings its next generation DVB products to market.
Verimatrix also announced compatibility of its content security solution for mobile TV recently. That is creating some interest particularly to bridge in-home mobile device use to broader mobile video services.