Velocix, formerly known as CacheLogic, has announced a new hybrid peer-to-peer live streaming service based on its content distribution network. Taking on the likes of Akamai and Limelight, Velocix has a background in peer network caching. The company plans to offer services at competitive price points.

Velocix is adding live video streaming for both Adobe Flash and Microsoft Windows Media. It also plans to support a new hybrid peer network streaming option, blending delivery of live streams from the Velocix Network as well as sharing bandwidth from other users.

“Based on significant customer demand we have decided to launch a complete new family of products for live streaming that complement our current delivery services for video streaming and download,” said Phill Robinson, the chief executive of Velocix. “We are delighted to be able to offer live streaming with strategic partners such as Adobe and Microsoft, as well as offering our innovative new Hybrid-P2P service that together fundamentally disrupt the performance and economics of live streaming on the internet.”

Starting out as CacheLogic with a focus on caching peer-to-peer traffic, Velocix has re-invented itself as a content distribution network, boosted by a further $25 million in venture capital funding and a new management team.