Boston-based startup Layer3 TV announced Thursday it had raised $21 million in Series A.
The company, which has been operating in stealth mode, claims to be "a next generation cable provider spearheading a new era of home media, combining the best of television, social and digital life." This financing is the first I've heard of Layer3, but the startup's slew of investors and sizable round piques my interest.
Evolution Media Growth Partners and North Bridge Venture Partners both contributed to the round. Boston-based North Bridge partner Jamie Goldstein also will reportedly join Layer3 TV's board.
Founded in 2013, the company also seems to be stacked with an all-star team in the cable and media industries. Founders include Jeff Binder, the founder of on-demand television company Broadbus Technologies, which was sold for $200 million to Motorola; Dave Fellows, the former CTO at Comcast and AT&T Broadband; Chuck Hasek, the engineer behind the 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, reports Re/Code.
“In today’s connected world the television is becoming more than just a lean-back experience – it is becoming the hub for state of the art technology in the living room,” said Binder in a statement. “Layer3 TV merges the television experience with consumers’ digital lives in ways that engage and enhance the programming and distribution eco-systems. We intend on delivering that promise.”
The company has five job openings on their website listed for Boston, and three listed for its Denver, Colorado location. The Hollywood Reporter also noted that Layer3 received incentives from Colorado for its plans to create in-state jobs:
The Denver Post reports that the Colorado Economic Development Commission has approved $2.9 million in job growth incentive credits for Layer3, which plans on creating 321 new jobs in the city.
So, what's up with Layer3 TV? We will, apparently, find out soon. You can send tips our way at gillis [at] streetwise-media [dot] com.
Image via Re/Code
