CinemaNow, the video on demand company has just secured a further US$11 million in financing for its projects. The investment is expected to fund the company’s expansion into the European and Asian markets, as well as acquiring new content and developing CinemaNow’s technology. CinemaNow have developed the PatchBay content on demand distribution system, and their website is based on it.
This new round of funding was led by Menlo Ventures, with additional investment from Cisco Systems (who provide hardware to CinemaNow) and Lions Gate (who provide content).
CinemaNow was established in 1999, and now has a library of 5,000 titles for downloading and streaming over the internet. Content is available on a pay-per-view, subscription and download to own basis. CinemaNow features content from 20th Century Fox, Disney, MGM and Warner Bros, amongst others.
They are currently second place in the market behind MovieLink, and has recently announced that it has been breaking even.