Brightcove secures a great round:

"Brightcove, an Internet TV platform provider, said Tuesday it has attracted a quartet of heavy-hitting investors in Time Warner, IAC/InterActive, Hearst, and Allen & Company LLC, hauling in $16.2 million in a second round of financing, along with a distribution agreement with AOL.

The four companies will join venture firms Accel Partners and General Catalyst Partners in betting on the continued growth of Internet TV. Cambridge, Massachusetts-based Brightcove completed a first-round investment of $5.5 million with the two firms, bringing its total to $21.7 million.

Internet magnate Barry Diller, chairman and CEO of IAC/Interactive, is joining the Brightcove board.

The combination of clout and funding puts the
startup ahead of other young players in the Internet television and
video space, which include YouTube, blinkx, FireANT, the Participatory
Culture Foundation, Veoh Networks, Revver, Akimbo, and DaveTV (see Jumpstarting the TV Web Race, Blinkx Debuts Personal TV, Vlog: Meet Your Next Buzzword, YouTube Scores $3.5 Million, IPTV Startups Step Out, and coverage in the November 14 print issue of Red Herring

). Giants like Apple, Yahoo, Google are also delving into online video."IPTV is a no-brainer the questions is just how and when - given the strong monetary position and influential board members that Brightcove now has we'll probably hear more from them soon.

If you are interested in the topic also check out our Digital TV Weblog that covers the industry and analyzes the upcoming business models.