FreeWheel, a San Mateo, CA-based video monetization technology company, has closed a $16.8m strategic institutional funding.
New investor Steamboat Ventures, a venture capital firm affiliated with The Walt Disney Company, joined existing investors Turner Broadcasting System, Inc., Battery Ventures, and Foundation Capital to complete the round.
The new funds will enable the company to further scale its infrastructure to support new and existing clients, expand that infrastructure globally, and continue to innovate with new products to solve the converging video industry’s biggest pain points.
FreeWheel’s technology enables global media companies and content distributors to effectively manage ad sales rights, produce accurate inventory forecasts for live or on demand content, deliver ads, and analyze video business performance. The latest version of its flagship product, Monetization Rights Management (MRM), offers capabilities developed to address TV Everywhere initiatives, including advanced commercial break pattern management.
The company, which was founded in 2007, has grown to over 90 full time employees with offices in San Mateo, New York, and Beijing.