Avail Media, a Reston, Virginia provider of IPTV and advanced media services to broadband operators, said it has raised $17 million in Series-B venture financing.

The round was co-led by Washington, D.C. area funds Novak Biddle Venture Partners and Columbia Capital,

Avail Media was founded in early 2007 as the result of the merger between Auroras Entertainment and Broadstream Communications.

The company is led by CEO Ramu Potarazu, who told VentureWire (sub required) separately that the company’s valuation is now more than $33 million. Earlier investors Pioneer Investors, the Benaroya Cos. and other private investors contributed to the round. They had earlier invested between $10 and $12 million.

Here’s the company’s official statement.

Avail’s has rights to a library of over 300 channels programmers in the U.S., including ABC-Disney, Turner, NBC-Universal, MTV Networks, Fox Networks and Discovery.