After two years of operating in stealth mode, the Israeli startup Qwilt Technologies unveiled its product yesterday. Which is: new caching technology to help network operators identify, monitor, store and provide access to popular video clips. The goal is to help them cope with the exploding volume of video traffic on their Internet networks.

The product is also supposed to enable telecom companies to monetize video traffic - translate it into money.

Qwilt also announced that it has received $24 million in financing, in two rounds, from Accel Partners, Redpoint Ventures, Crescent Point Group and others. Its company valuation in the financing rounds was not disclosed.

Video is responsible for 40% of the traffic over the Internet today, and its volume is expected to quadruple by 2015. In other words, video is expected to constitute two-thirds of all Internet activity by then, versus a third today.

The startup, which is based in California and maintains an R&D center in Hod Hasharon, has 30 employees. It also has offices in London. Behind it stand CEO Alon Maor, formerly of Cisco; Dan Sahar, who hails from Juniper Networks; Yival Shahar, a serial entrepreneur with three exits to his name; and Giora Yaron, former chairman of Mercury and present chairman of Itamar Medical.