Brightcove receives $16.2 million Series B

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Brightcove just closed a $16.2 million Series B funding round led by AOL. Other investors include IAC, Hearst, and Allen & Co. Barry Diller of IAC will join Brightcove’s board. Series A was led by Jim Breyer of Accel Partners and David Orfao of General Catalyst Partners.

Brightcove was founded by Jeremy Allaire, formerly chief technical officer at Macromedia where he helped develop the Flash format. Brightcove makes heavy use of Flash throughout its site to deliver video direct to customers over the web for free, subscription, and individual purchases.

Brightcove also signed a deal with AOL allowing publishers submitting their video content to Brightcove to have the option to extend their reach to the AOL network.

Brightcove is pitching the idea that video content production is cheaper and soon there will be an explosion in video content online. They want to host and monetize that content and today’s announcement seems to give them the resources they need to step to the head of an emerging pack of video services.

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