A group of investors, including the New York Times, has given internet video company Brightcove $59 million in funding.

The cash injection will help Brightcove move into international markets, as well as increase it chances of surviving a potential shakeout in the internet video sector, reports CNET. Brightcove.com, the company's video-sharing site, competes with industry leader YouTube.

Brightcove also offers tools and services to companies that want to place video on their websites. It has sold video- and music-delivery software to companies such as Sony, Dow Jones, the Independent Film Channel and Newsweek.

Having played a prominent part in Brightcove's latest round of funding, the New York Times may be looking to use Brightcove's services to boost the video content on its website.