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SAN JOSE, Calif.,
May 17, 2011 /PRNewswire/ -- BlackArrow, a leading worldwide provider of advanced advertising solutions for New Television platforms, today announced a strategic investment in the company by Time Warner Cable (NYSE: TWC). In conjunction with the investment,
Joan Gillman, president, media sales for Time Warner Cable, has been named to the BlackArrow board of directors.
Warner Cable, the second-largest cable system operator in
the United States, joins current investors Cisco Systems, Comcast Interactive Capital, Intel Capital, Mayfield Fund, Motorola Mobility, NDS and Polaris Venture Partners as financial backers for BlackArrow. The Time Warner Cable investment and the Motorola Mobility investment from last November complete BlackArrow's previously announced Series C funding – bringing the total amount raised from
$20 million to $27 million.
"Time Warner Cable has been a leading voice and advocate of advanced advertising, and was early to recognize the potential of New TV as a profitable advertising platform," said
Dean Denhart, CEO of BlackArrow. "We believe that the company's involvement as an investor is further validation of BlackArrow as a thought and technology leader in the advanced advertising space, and we look forward to benefiting from Joan's insight and experience as a member of our board."
"BlackArrow has played an invaluable role in accelerating dynamic VOD ad insertion and is well positioned to be a growing part of the ad ecosystem," said Gillman. "Our investment in BlackArrow highlights Time Warner Cable's commitment to supporting our partners as the industry continues to develop new business and advertising models across a broad spectrum of television distribution platforms and devices."
The Time Warner Cable capital will be used for further product innovation and deployment of the BlackArrow Advanced Advertising System to programmers and New TV content distributors.