Videon raised a whopping $7.3 million for “Series A funding” led by Voyager Capital. So what’s in it for us? This power move is expected to accelerate the growth and further innovate the live streaming industry. Whether directly or indirectly, this funding might affect us somehow.
What’s Videon?
Videon has a long history of innovation when it comes to tech-related to video technologies. It’s a company in partnership with major players in the industry such as Intel, Samsung, and Qualcomm. From DVD to inflight entertainment, Videon is on a mission to further innovate live streaming.
Company Expansion
After raising the fund with the help of Voyager Capital, a venture capital, we can expect Videon’s overwhelming growth. The $7.3 million funding will make it possible for Videon to expand its team in:
- Senior Lead
- Engineering
- Marketing
- Sales
Aside from the overall expansion, a Seattle-based CEO is newly appointed as Videon plans to move a part of its operation from State College. As Videon pushed through with company expansion, this power move will make the platform more accessible. That’s excellent news for potential customers worldwide.
Meet the New Videon CEO
Rob Green holds seven and a half years’ worth of experience in the Digital Media Division of Microsoft. However, his long list of remarkable experiences does not end there. As the newly appointed CEO of Videon, Rob commended the company for its numerous breakthroughs in video innovation.
He further explained that Videon’s power move to innovate live streaming further has the perfect timing. Nowadays, live streaming is king when it comes to entertainment. The industry is expected to reach around $70 billion this 2021. It’s an inevitable feat as millions of people around the world enjoy watching live streams.
According to Green, the company will leverage its “unrivaled expertise, vision, and know-how.” By utilizing all of Videon’s strengths, Green believes that Videon can enable more consumers to take full advantage of live streaming’s endless potential.
At the moment, Green and other Videon executives are based in Seattle. Meanwhile, the founders and its engineering team will remain in Pennsylvania. Overall, the company has a total of 44 employees.
The Future of Live streaming
Videon helps resolve complex issues that consumers can experience during a video live. The company will help solve the complexities whenever you’re trying to broadcast from source to audience. You don’t need to have expensive broadcast equipment or other costly services involving third parties.
All you need is technology that will help process the video at the source. It’s a technology that combines built-in functions from a local video computer platform and additional features from the cloud.
Videon, in partnership with Amazon Web Services, will bring optimum broadcast quality to customers. Its “ultra-low latency live video solution” is used in news, sports, and emergency services. This type of video solution is used across more than 19 countries.
Videon and its Competition
Voyager Capital’s Managing Director Eric Benson commented that Vision Tech and Journey are similar to other startups founded by Voyager. Make.TV had a similar situation where it relocated from its Cologne, Germany base to Seattle back in 2014. Eventually, it’s acquired by LTN Global for $50 million. On another note, Elemental, a Portland-based video processing startup, was acquired for $350 million by Amazon Web Services last 2015.
Benson further commented that the Series A round for both Elemental and Make.TV was at the same scale as Videon’s. Tricia Iboshi, Make.TV’s former chief operating officer has taken the same role at Videon starting April. Iboshi was also a co-founder of RocketVox, a video application service provider later acquired by thePlatform, then Comcast.
Additionally, Benson pointed out that Videon has a huge potential when it comes to near-term growth. At its current price point, everyone can stream a high-quality yet low-latency live video. If you add its possibility of taking full advantage of edge compute capabilities, it equals a perfect breakout opportunity.
On another note, Arnold Venture Group also participated in Videon’s funding and Bruze Chizen, Adobe Systems’ former CEO.
Conclusion
Green’s statement about Videon’s timing is agreeable. It’s the perfect time to take advantage of live streaming’s thriving industry. With Videon’s expansion and the opening of co-HQ in Seattle, we can expect more innovations to land our way. Let’s see what Videon has in store for us.
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