Itiva Networks, a Palo Alto, Calif. company that seeks to deliver video content more efficiently online, has raised $7 million in a third round of private funding.

We reviewed the company here. Since then, we’ve yet to see any evidence of major breakthrough, in terms of customer announcements. It has been testing its product with several companies for more than a year. It is competing in a very crowded field, and its model of using an ISP’s proxy/cache infrastructure to distribute files efficiently is one that not many companies have tried, and you’ll see from the comments on our original story that there’s debate about how efficient it really is.

The company has refused to disclose the identities of its investors. The company has also been somewhat inconsistent with its messaging. Originally it told us it had already raised $7 million and that it was seeking to raise $10 million (see original story). But now it says it had only raised $5 million previously. And the latest $7 million round misses its $10 million target.

Here is the company’s statement.
The company has now raised $12 million to date.

A snippet from the release:

As the company expands its sales and marketing forces, Itiva has also added a stellar line-up of thought leaders to its executive team. Veteran high technology experts Jerry Pierce, Nicholas R. Miller, Max Paley and Richard Archuleta have been appointed to the company’s Board of Directors. Pierce is a former senior vice president of technology for Universal Pictures, where he led the launch of DVD for the studio; Miller is a highly seasoned entrepreneur with more than 25 years of leadership starting and managing private and public firms, and who was among the first to identify security threats posed by wireless technology; Paley is vice president of Multimedia for Apple, Inc., where he is responsible for driving graphics, video and audio implementation on all Mac platforms; and Archuleta is a successful technology business leader with 26 years experience, including serving as a former senior vice president and general manager at Hewlett Packard, and who in 1998 was named “Mobile Industry Person of the Year” by Mobile Computing Magazine.