Elemental raises $13m
May 10, 2012
Elemental Technologies, a supplier of video solutions for multiscreen content delivery, has raised $13 million in third round funding led by new investor Norwest Venture Partners which joins existing backers General Catalyst, Voyager Capital and Steamboat Ventures, who also participated in the round.
The new funding comes as Elemental invests aggressively to extend its leadership in the multiscreen content delivery market. As part of the company’s maturation, Elemental has appointed Kevin O’Hara as Chairman of the Board. O’Hara brings over 25 years of experience guiding startup companies through successful growth.
Service providers, content programmers, broadcasters, live event producers and enterprises worldwide are showing strong demand for Elemental’s disruptive video processing solutions.
Sam Blackman, CEO, told Advanced Television that since Elemental’s super fast transcoding solution had come to market in 2010 big customers wins like Comcast, ESPN, HBO and Eurosport had ecouraged the company to expand internationally with offices openned in London and Hong Kong. Much of the new investment will be targeted at accelerating that expansion.
“Elemental’s ascendance in the IP video delivery market over the last two years has been well-documented and something we have watched closely,” said Robert Abbott, general partner at NVP. “When combined with the clear growth trajectory of the over-the-top video and TV Everywhere markets and its deep technology differentiation, we believe now is the right time to invest in Elemental.”
“Over the past 18 months, I’ve had the pleasure of working closely with the Elemental executive team as they’ve grown through the launch phase of their business,” noted Kevin O’Hara, newly-appointed Chairman. “I’m excited to expand my leadership role within an organization that puts an extreme focus on customer satisfaction and execution while keeping its eye on the long term growth of the business.”