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Live-video service gets $11.1 million

Existing investors Labrador Ventures and The Band of Angels team up with the DCM venture capital firm to bring in the start-up's Series A round.

There are seemingly more "livestreaming" services out there than people actually using them, but that hasn't stopped from raising $11.1 million in Series A funding. The cash comes from venture firm DCM, as well as existing investors Labrador Ventures and The Band of Angels.

To be fair, Ustream has pulled away from the pack a bit: it's the streaming service of choice for some high-profile live Web events like the Digg Town Hall.

With the new cash, Ustream will focus on product development and "meet(ing) growing market demand for an interactive-broadcasting platform." In other words, it's to better compete as the space grows tighter.

New rivals such as Qik have more streamlined mobile capabilities built in, and big tech companies such as Yahoo have started introducing their own in-house streaming rivals.