ON Networks Takes $12 Million Series B

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onnetworks.jpgAustin, Texas based online video content creation company ON Networks has taken $12 million Series B in a round led by Accel Partners. Also participating in the round were original investors Austin Ventures and AT&T.

The funding will be used to expand ON Networks, including the development of its “virtual studio technology platform,” and for the production of new shows.

As part of the deal, Accel Partners’ Peter Wagner will join the ON Networks board of directors.

ON Networks produces a range of original video content, with shows such as Play Value, The 5-Minute Drill, BackPack Picnic, Budget Health Nut, Cocktails on the Fly, Golf Tips, and Stump the Chef. The company offers its content via the web and for download, and all shows are recorded in HD and cut using ON Networks’ “ProSourcer Virtual Studio” that is claimed to streamline the management, creation and distribution of content.

ON Networks previously took $4 million Series A in November 2006, taking total funding to $16 million.

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