GridNetworks Raises $9.5 Million First Round for P2P TV Technology

Seattle-based GridNetworks, a developer of P2P technology for internet video, has raised a $9.5 million first round led by Panorama Capital. Two other strategic investors, who will be disclosed in the future, participated. Funds will go towards expanding its core technology and its GridCasting service, which allows media and entertainment companies to deliver HD video over the internet using a P2P network. In this respect, the company is in a similar space to Akamai’s (NSDQ: AKAM) nascent P2P offerings or the latest incarnation of BitTorrent. CEO Tony Naughtin was formerly at Internap, (NSDQ: INAP) while CTO Jeff Payne was the architect of the Real Broadcast Network at RealNetworks. Release.