BitTorrent Announces $20 Million Venture Capital Infusion
BitTorrent, Inc. recently received a $20 million investment round led by new investor Accel Partners. BitTorrent outlined plans to further develop its online service, and sell multimedia delivery to third-parties. “When I created BitTorrent in 2001, my mission was to solve the problem every website has when distributing large, popular files,” said Bram Cohen, current CEO and original cofounder of BitTorrent. “This mission is still what drives BitTorrent today and couldnâ€™t be more relevant as the web grows into a channel for consuming large, high-value entertainment and information content.”
The latest financial round, also involving initial investor DCM, follows distribution deals with 20th Century Fox, G4, Kadokawa Pictures USA, Lionsgate, MTV Networks, Palm Pictures, Paramount Pictures and Starz Media. Interestingly enough, Cohen is widely rumored to be exiting, though nothing official has been announced.