Myrio pulled in $8 million to close its first round of funding, the company announced Tuesday, bringing its total to $14.8 million for the round. The new funding came from NeoCarta Ventures, Ridgewood Capital and Alexander Hutton Venture Partners. Myrio offers software and services that enable phone companies to offer television services over broadband networks, a technology that puts carriers in direct competition with cable TV providers.
The company will use the funding to target customers such as local carriers, long-distance phone companies and international carriers. Myrio makes two kinds of software products: one for phone company networks and the other for TV set-top boxes in consumers' homes. The company announced that it has secured customer contracts with phone and local utility companies in Nevada, Texas, Washington and Ohio.