LiveU Closes $27 Million Funding RoundInvestments will help speed product development and global expansion 11/12/2012 07:23:11 PM Eastern
LiveU, which has developed technology that are widely used by news organizations for delivering video over cellular networks, has raised $27 million in a funding round led by new investor Lightspeed Venture Partners. It joins existing investors Canaan Partners, Carmel Ventures and Pitango Venture Capital.
To date LiveU has raised around $50 million. It is planning to use the new funding to expedite its product development and global expansion.
Samuel Wasserman, LiveU's CEO noted in a statement that "LiveU's year-on-year growth is a testament to our technological leadership and the fast-growing demand for cellular-based live video transmission in the broadcasting and online media markets... This substantial investment will enable us to expand our mobile offerings, continue our technological innovation and extend our geographical presence."
David Gussarsky, Lightspeed's managing director will join LiveU's Board of Directors.
"We've been impressed by LiveU's management team, consistent track record and strategic direction," he said, explaining the investment in a statement. "The Company has built a strong, global customer base and become the benchmark for video-over-cellular uplink technology. We're confident that LiveU will continue on its growth path, delivering innovative solutions that meet a real need, and we're excited to be part of their journey."
LiveU's customers include the BBC and NBC and its units were widely used during the US Presidential Campaign, with over 300 units were deployed on Election Day. Around 100 LiveU units were also used to cover the devastation caused by Hurricane Sandy, the company reports.