Bitmovin Raises 7-Figure Seed Funding, Plans International Growth
Bitmovin, the transcoding and video streaming company founded in 2012, has closed its first round of financing, taking in a 7-figure investment (in U.S. dollars) from Speedinvest, an Austiran/U.S. venture fund, Constantia Industries, an institutional investor, as well as public financing from Austrian funding agencies. Bitmovin did not disclose the exact amount of the investment.
Bitmovin plans to use the funds to develop and expand its portfolio of products, which includes its Bitdash streaming client solutions and Bitcodin cloud encoding platform, as well as grow its business into Europe and the United States.
“We’re excited to support Bitmovin taking to market the current line-up of solutions, as well as commercializing its IP and R&D that enables emerging use cases, such as device-originated content distribution, streaming session mobility, as well as HTTP2/SPDY and peer-assisted streaming,” says Marcel van der Heijden, a partner at SpeedInvest.
Austrian startup Bitmovin creates media-streaming solutions for customers, helping them simplify streaming high-quality video to all networks and devices. Red Bull Media is a client.
“Bitmovin provides end-to-end adaptive bitrate transcoding services and high-performance players for any platform, enabling our customers to offer the highest quality of service, while minimizing distribution costs through the efficient use of video encoding, HTTP-based delivery, and caching infrastructure,” adds Stefan Lederer, Bitmovin's CEO.
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