Next-Gen Cable Provider Layer3 TV Raises $21 Million in Funding
Boston-based Layer3 TV, Inc., which calls itself a “next generation cable provider,” said it had raised $21 million in Series A financing.
The investors in a company that had been operating in stealth mode are North Bridge Venture Partners and Evolution Media Growth Partners, which is a joint venture between private equity firm TPG Growth and Evolution Media Capital.
Layer3 was founded by: Jeff Binder, founder of on-demand television company Broadbus Technologies, which was sold for $200 million to Motorola; Dave Fellows, former CTO at Comcast and ATT Broadband; Chuck Hasek, who architected video systems for Time Warner Cable; Eric Kuhn, who ran social media for United Talent Agency and CNN; and Vic Odryna, former CEO of Idea Arc and ZeeVee.
“Layer3 TV merges the television experience with consumers’ digital lives in ways that engage and enhance the programming and distribution ecosystems,” said Binder in a statement.
What that means is anyone’s guess — Layer3 has been stingy on the details — but we’ll presumably see soon enough.