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Video-on-demand firm wins $26 million

Midstream Technologies has raised $26 million in a third round of financing, led by Canaan Venture Partners. Bellevue, Wash.-based Midstream, which has raised a total of $48 million, develops computer equipment designed to let consumers instantly view movies and other programming available from their cable companies upon request. Other investors in the third round included Frazier Technology Ventures, Proven Private Equity, and The University of North Carolina.

Midstream's server hardware and software products are being tested on cable operators, many of whom are beginning to introduce video-on-demand services. The company, founded in 1997, said it has appointed cable veteran Mark Mangiola to its management board. Mangiola ran Excite@Home's @Home Solutions division and managed a division of Time Warner called Kblcom.