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Conviva, a company focused on optimizing live video streams online, announced today that it has snagged $15M in funding.

With the growing importance of live video streams, Conviva’s technology offers peace of mind for content providers by reducing stream issues – including stuttering, and buffering – for viewers. Its software keeps track of individual viewer sessions, intelligently predicts when an interruption is about to occur, and works to prevent issues from reaching users.

It offers adaptive bit rate streaming, which allows video to play smoothly in the event of network slowdowns, and automatically switches video streams among multiple content delivery networks – on the off-chance that one network goes down entirely.

It’s technology was recently used for the 2010 World Cup, where the company says it “managed more than 200 million streams, reached more than 30 million unique viewers and handled three billion viewer minutes worldwide.” In addition to live streams, Conviva can also assist content providers with their on-demand video.

Based in San Mateo, Calif., Conviva has raised a total of $44 million since its 2006 launch. GGV capital led the round, and it saw participation from existing investors Foundation Capital, New Enterprise Associates, and Pelion Venture Partners.

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