MetaCDN's $2.3 million funding round was led by Starfish Ventures and the University of Melbourne Endowment Fund.
The company's technology is based on research conducted at the University of Melbourne. The idea is to create content distribution networks based on cloud services from a range of providers - a virtual CDN, if you will.
MetaCDN combines services from Amazon, Edgecast, Microsoft, Google and others into what it claims is "the world's largest and fastest cloud CDN."
These services are dynamically selected according to speed, availability and price.
This approach means it can provide a CDN on a pay-for-use model rather than the more typical fixed contracts.
"There is a large and rapidly growing market for online businesses that can benefit from CDN services but they've been ignored or penalised by locked-in contracts, excessive charges and variable performance. We are changing that."
Anthony Glenning, Investor Director at Starfish Ventures, said "leveraging the cloud makes MetaCDN super nimble which means value added services, technology advancements and cost reductions can be delivered to customers in real time. That's a terrific business model."