Corrected: Motwani is merely an advisor
Video search is a huge potential market: Lucrative advertising can be displayed by the search results. Predictably, a gaggle of players are targeting this area. CastTV has yet to launch — it will do so next month with a testing version, and in summer with a fully public one — but it has taunted with promises it can do much more than its competitors.
Details of the investment are here. Draper Fisher Jurvetson led the round. Other investors include Netscape co-founder Marc Andreessen and angel investor Ron Conway. Stanford professor Rajeev Motwani is an advisor.
Among CastTV’s competitors are Blinkx, Clipblast, Pixsy, PodZinger and Truveo (bought by AOL). Many of these players have been encouraged by Google’s failure to offer its video search capabilities to third-party sites, and hope they can license their technologies before Google does the same.