Videon raises $7.3m Series A funding
June 23, 2021
Videon, a specialist in edge computing for video, has raised $7.3 million (€6.1m) in Series A funding, led by Voyager Capital.
Videon says the funding will allow it to expand its senior leadership, engineering, marketing, and sales teams, enabling it to bring its unique video compute platform to more customers worldwide.
Additionally, Rob Green in Seattle has joined as CEO to drive expansion plans and build new partnerships.
Working closely with a partner ecosystem that includes Akamai, AWS, Mux, and Vimeo, Videon’s technology is used by customers like LiveX, Techex, and major broadcasters, and top sports leagues to deliver tens of thousands of hours of live video every day. The funding round was led by Voyager Capital, with participation from Arnold Venture Group and leading technology executive, investor, and former Adobe Systems CEO, Bruce Chizen.
“We’re on a mission to revolutionise the live video streaming market by putting the power of live video processing at the source. Our unique technology enables anyone to produce and deliver broadcast-quality video from anywhere to anywhere. With live video being so integral to all our lives, now’s the time to make this technology available to everyone,” says Todd Erdley, Founder, Chairman, and President at Videon. “The funding will enable us to go to the next level in our growth. We are excited to have Rob Green on board as the new Videon CEO. His extensive experience in building strategy for fast-growth technology companies will be a major catalyst for Videon.”
“I’m excited to be the CEO of a company that has achieved so many breakthrough moments in video innovation,” said Green. “With live video growing exponentially, our new investment comes at exactly the right time. We will leverage the company’s unrivaled expertise, vision, and know-how to enable more people to take advantage of the full potential of live streaming. We’re on a growth journey and this investment will enable us to further cement our pioneering position in the market.”
“I think the biggest disruptors often come at the market from the bottom up, replacing the need for more expensive products. Videon has huge near-term growth potential because its price point makes it possible for literally anyone to stream high-quality, low-latency live video. When you add the potential to also take advantage of edge compute capabilities, you have a breakout opportunity,” added Erik Benson, Managing Director at Voyager Capital, who previously led the Series A venture rounds for Elemental Technologies and MakeTV. “The explosion in live video viewing means that now is the right time for Videon to scale quickly with new investment.”