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Palo Alto-based startup eyeIO is coming out of “stealth mode” with news of its first commercial license agreement — with Netflix.
EyeIO has developed “ultra low bandwidth” Internet video streaming technology and was founded by industry veterans Charles Steinberg, former president of Sony Electronic’s business and professional products company; Robert C. Hagerty, former chairman and CEO of Polycom; and Rodolfo Vargas, former senior program manager of video at Microsoft.
The company claims that its technology can reduce bandwidth consumption by 20-50 percent.
“EyeIO provides a straightforward solution for accommodating the rapidly growing demand for video delivery around the world by alleviating the overwhelming bandwidth currently required to stream video,” explained Vargas, who serves as CEO of the new company.
Said Greg Peters, vp, product development of Netflix in a statement: “Delivering a high quality video experience is top priority for Netflix. eyeIO technology is an important part of the technology we use to improve video quality and overcome bandwidth challenges presented by Internet infrastructure.”
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