Austin-based ON Networks, a creator and distributor of high quality short form video programming, announced today that they have raised a $12M Series B from existing investors Austin Ventures and AT&T, plus new money from Accel Partners. Former Hallmark Entertainment CFO Allan Grafman recently joined the board of directors of the company. The company also announced support for the iPhone platform over the summer. Momentum has been building for the company based upon a new revenue model which leverages recent deals with GSD&M, SicolaMartin, and Carmichael Lynch.

Traffic to the website should get a huge spike today based upon a brief mention on TechCrunch.

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Filed under: Fundraising