Edge video start-up Videon has raised $9 million (£6.7m) for its platform that makes live video processing and distribution faster and more efficient.
Funding for the Series B round was led by Alter Venture Partners with participation from Voyager Capital, Fortson VC, Bruce Chizen, and Cercano Management.
Following on from a successful Series A in June 2021, Videon’s total funding raised in the past seven months sits at $16.3 million (£12.1m).
Tricia Iboshi, CEO at Videon, said: “Live video streaming continues to see exponential growth across everything from news and sport to security, emergency services, and corporate content, with the live streaming market estimated to be worth $4.26 billion by 2028.”
Videon’s technology powers thousands of hours of live video every day across 20 countries. By putting edge compute power at the point of video creation, a wide array of processing tasks can be completed before content is stored on the cloud.
This significantly reduces complexity and costs of production for users, whilst allowing for enhanced features such as multiple camera angles and remote feeds to meet growing audience expectations.
“We’ve spent the last six months working with industry leaders across the video ecosystem to unlock the potential of the edge to deliver new experiences, drive greater efficiencies, and create more opportunities for personalisation and monetisation,” Iboshi added. “The latest funding will enable us to continue to innovate, adding more video applications, and driving live video at scale.”
Processing video at the source is especially important for the massively growing industries of live streaming, e-sports, and gaming. Videon users can also develop and deploy specialised applications to support these live experiences with anything from artificial intelligence to image and speech recognition.
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