Online video services company Move Networks raises $46 million

Update: The company was valued at $150 million before the investment, according to the company’s chief executive.

Move Networks is one of several companies that offers a suite of services to help large media companies offer high-definition video over the web.

Its technology encodes high-quality video, and cuts down on buffering delays as a user watches a video, along with related services. Broadcasters use this content delivery service to stream long-form programs like Grey’s Anatomy over the Internet and mobile devices.

The American Fork, Utah-based company has just raised $46 million in a third round of financing led by existing investor Benchmark Capital, with strategic investors including Cisco, Comcast Interactive Media and Televisa.

It has previously raised $21.3 million from Benchmark, and earlier investors including Disney’s Steamboat Ventures, and Hummer Winblad Venture Partners, both of whom also participated in this latest round.

Partners include names like ABC, ESPN.com Fox, CW and Discovery. Presumably, Comcast will be a client, as well, although that hasn’t been officially announced.

Competitors include Maven Networks — which Yahoo bought recently — Brightcove, and others.