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updated
blackwave1.jpgBlackwave, a video storage company that says it can store video seven to ten times more efficiently than other technologies, has raised $16 million more in a second round of financing. The company’s bold technology claims, however, can’t be verified just yet: It plans to roll out its video product in the first quarter of next year.

The market for video storage is large and increasing, because online video quality is increasing and there are more people streaming it, and so storage demands are exploding too, both from publishers who need to store it all somewhere, but also content delivery networks that store video too, such as Akamai Technologies and Limelight Networks. Blackwave serves both publishers and CDN.

The company has changed its name from Ancinon. Blackwave’s investors include Sigma Partners, Globespan Capital Partners and IDG Ventures Boston.

The Acton, Mass. company’s product is a mixture of hardware and software components. The hardware is off-the-shelf. On the software side, there are two parts. First, the software improves the process of how to store data. It seeks to understand the content, for example to distinguish between a user-generated video or a tv show. It does this by checking the “meta data” of information contained around a video identifying the name of the content and creator, for example. Then Blackwave’s software algorithms deliver storage resources based on the popularity of the content.

Update: For a more in-depth review, see GigaOm’s piece here.

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