Digital Video Firm EGT Raises $8.5 Million in Series C Financing
Posted March 6, 2006 7:18 a.m. EST
ATLANTA, GA — EGT
, a provider of digital video technology for cable TV and other network providers, has closed on $8.5 million in Series C financing.
EGT recently landed a contract with Adelphia, the nation's fifth largest cable TV provider, for its digital encoders that enable network providers to deliver more channels without having to expand their networks.
Noro-Mosely of Atlanta led the round. Also participating were HIG Capital and Sevin Rosen Funds as well as other investors who were not identified.
The funds will be used for new products focused on Internet Protocol television technology, the company said.
"We are very pleased with the investment and the strategic support our investors bring to EGT," said Greg Nicholson, EGT's chief executive officer. "This growth round of funding accelerates our product and market development plans." EGT, a six-year-old firm, works with cable, television and satellite networks.
"Every service, every library, every broadcaster is converting from their legacy analog formats to digital, so video is the strategic payload," Nicholson told Red Herring magazine. "We're choosing to focus on the video and data transport market."
EGT gear enables system providers to offer not only more channels but also digital quality video and video on demand capability. It has developed new signaling and compression technologies with a goal of begin able to provide end-users with more personalized programming.
"EGT's technology and products offer much-needed solutions for an expanding digital video marketplace," said Steve Nussrallah, general partner of Noro-Moseley Partners. "Their success delivering high quality digital video products positions the company for continued growth, and we are glad to provide our financial and strategic support."
EGT was launched at the Georgia Tech Advanced Technology Development Center.