Digital media provider Pathfire says it has closed $27 million in its fourth round of financing, bringing its total funding to $115 million. CNN News Group participated in the round and will hold a minority equity stake in Pathfire. Other investors included Quadrangle Group, Bank of America Capital Investors, Reuters Greenhouse Fund and AT&T Ventures. Pathfire CEO Mike Eckert said the company will use the funding to develop new products and continue releasing servers to its customers.
Atlanta-based Pathfire encodes content such as news, ads and video into digital formats. Its products, for instance, would enable a TV station to deliver news to its affiliates in a digital form, eliminating the use of analog satellites and videotape. Pathfire's customers include ABC, NBC and Warner Bros. On Wednesday, the company announced it has signed a deal that will let CNN Newsource deliver digital news to more than 680 affiliate stations nationwide.