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Describing itself as a ‘next generation cable provider’, Boston-based start-up Layer3 TV has raised $21 million in Series A financing.
The funding was co-led by North Bridge Venture Partners and Evolution Media Growth Partners. Evolution Media Growth Partners is a joint venture between private equity firm TPG Growth and Evolution Media Capital.
Layer3 TV’s founding team includes a number of seasoned industry executives with strong track records in forecasting the future of television. CEO Jeff Binder founded TV on-demand pioneer Broadbus Technologies; CTO Dave Fellows was CTO at both Comcast and ATT Broadband; Chuck Hasek, head of video technology, helped build Time Warner Cable’s video technology, while Eric Kuhn, head of marketing, ran social media at CNN before serving as Hollywood’s first social media agent at UTA.
Binder said that in today’s connected world, the television is becoming more than just a leanback experience, it is becoming the hub for state of the art technology in the living room. “Layer3 TV merges the television experience with consumers’ digital lives in ways that engage and enhance the programming and distribution ecosytems,” he added.