Video on demand for cable television and the Internet is taking steps toward becoming a reality.

Video on demand for cable television and the Internet is taking steps toward becoming a reality.

Seattle-based NS8 Corp., which specializes in the development in digital media and server-based software technologies, has completed a $21.5 million round of financing with New Jersey based Cornell Capital Partners LP.

The announcement comes a week after NS8 signed a strategic business agreement with Broadband Utility Solutions. The partnership is geared toward selling the NS8 Video On-Demand solution to cable and telecom companies, with the goal of developing an intrinsic subscriber base of 20 million homes over the next five years.

The new round of financing comprises a three-year, $1.5 million, 5% secured convertible debenture and a $20 million standby equity purchase agreement that NS8 can draw upon at its election within a 24-month period.

The funds will primarily be used for operating capital and the expansion of NS8