Digital distribution start-up Radiance Technologies says it has released its first product and closed a $13.4 million round of financing. The Los Altos, Calif.-based company said its TrueDelivery System is designed to help companies deliver large digital files for services such as video on demand. Radiance is working with digital video recorder company TiVo to put the technology into aof TiVo's set-top box.
Radiance also said it has closed its second round of financing, jointly led by Vanguard Ventures and Sutter Hill Ventures. This brings its total financing to $17 million, the company said in a statement. It also announced its management team, including CEO Ashfaq Munshi and Chief Financial Officer Tom Spalding.