LONDON — Video Networks has raised an additional £30 million ($48 million) in equity to help fund the rollout of its pioneering video-on-demand service.
The new cash, which follows the injection of $48 million from French entrepreneur Bernard Arnault late last year, comes from a multinational group of investors including GE Equity, Italy’s SanPaolo Imi and Digital Explosion.
Video Net specializes in video-on-demand over conventional phone lines, using asymmetric digital subscriber line technology that is currently being put in place by European telcos.
After several years of trials, it launched its first commercial service, Homechoice, in London in September. In December, it struck a deal with Bertelsmann to launch pilot services in Germany this year.