BitTorrent receives $20 million in financing
File-sharing company BitTorrent has received $20 million in financing, the company announced late Thursday.
San Francisco-based BitTorrent also addressed reports that Bram Cohen was on his way out as the company's CEO. BitTorrent executives told CNET News.com that the stories are untrue and Cohen has no intention of stepping down.
"This financing is a clear testament to the strength of our technology and potential growth," Cohen said in a statement. "I look forward to spearheading the continued development."
BitTorrent's open-source distribution system was designed to help transfer large files over the Internet. Best known as a tool for people to pirate music and video, BitTorrent's technology has begun winning credibility in Hollywood over the past eight months.
On Tuesday, the company announced that it will begin offering movie downloads from such studios as Paramount Pictures, 20th Century Fox and Lionsgate in February.
BitTorrent's allows a single digital file to be broken into small fragments that are distributed among computers. People then share pieces of the content with one another.
The new financing was led by Accel Partners, the venture capital firm's first investment in the company.
Greg Sandoval covers media and digital entertainment for CNET News. He is a former reporter for The Washington Post and the Los Angeles Times. E-mail Greg, or follow him on Twitter at http://twitter.com/sandoCNET. 
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