The company says it will leverage this investment to drive the continued expansion of its product innovation and technology leadership in the streaming space.

Bitmovin’s Series C round was led by Swisscom Ventures with participation from Climb Ventures, and existing investors: Atomico, Highland Europe and Constantia New Business. The announcement brings Bitmovin’s total funding to $68 million.

“The online video streaming market has grown exponentially – at least 10x – since we started Bitmovin in 2013,” said Stefan Lederer, CEO and founder at Bitmovin. “More consumers than ever prefer to watch content on any device and at any time rather than in linear programming. This trend is further fuelled by advances in connectivity and consumer electronics, along with innovation in streaming technologies. We’re proud to take a leading role in helping transform the streaming industry by enabling new services around the globe.”

“With its strong culture of innovation in engineering and technology, Bitmovin continues to transform the industry with solutions that consistently raise the bar for efficiency, quality and performance in video streaming,” said Fergal Mullen, Partner at Highland Europe. “We are very proud of our role in supporting Bitmovin as an engineering and developer-first company that makes it possible for video streaming companies to quickly attract, retain and grow viewership with high quality streaming experiences.”

“Bitmovin continues to set the pace for industry innovation, pushing video streaming to new heights while allowing new market entrants to compete with established players,” added Stefan Kuentz, Investment Partner at Swisscom Ventures. “We are extremely proud to be a key partner of Bitmovin’s in seizing this tremendous market opportunity.”

Bitmovin powers a number of OTT online video providers, including discovery+, fuboTV, DAZN, BBC, RTL, RedBull Media House, Globo, ClassPass, The New York Times,and more.