Self-billed "next-generation cable company" Layer3 TV has raised another $51 million and now plans to launch its virtual pay-TV service by the end of the year.
The mysterious two-year-old, Denver-based start-up secured the capital from its previous investors, Evolution Media Partners and North Bridge Venture Partners.
With $80 million in funding secured to date, Layer3 hasn't disclosed what its service will look like. The company was started by Jeff Binder, formerly founder of VOD tech company Broadbus Technologies, and former Comcast and AT&T Broadband CTO Dave Fellows.
Layer3 opened its Denver headquarters in September and now has around 100 employees spread across its home office and a satellite operation in Boston.
Layer3 appears to be currently focused on establishing program licensing deals. The company has recently hired former programming executives like Fox execs Sean Riley and Lindsay Gardner.
"Cable television may have dominated the business press this year but consumers continue to crave a simple, yet elegant, solution for managing the newest innovations in video, social and digital," said Binder in a statement. "Layer3 TV is the new cable--putting subscribers at the center of the universe by giving them seamless control of their entertainment relationships."
For more:
- read this Hollywood Reporter story
- read this Variety story
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