Joost Raises $45 Million in Funding

Internet-based TV service Joost said it has raised $45 million from five investors: CBS Corporation, Viacom Incoporated, Sequoia Capital, Index Ventures (a European venture capital firm) and Li Ka-shing (chairman of Hutchison Whampoa Limited and Cheung Kong Holdings). The comapny declined to say whether it this is its first round of venture capital funding. Joost transmits video with peer-to-peer technology, the signature approach that co-founders Janus Friis and Niklas Zennstrom used to launch the hugely popular Skype and Kazaa. Joost has gone the mainstream route by signing deals with major content providers, including its new investors. Overall, Joost says it now has 150 channels of video.

News source: Physorg

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