--Company Has Raised $20 Million to Date
Broadband video platform provider, Ooyala, announced late Monday that it has closed a $10 million Series C funding round. The round--which brings the total raised by the company to date to $20 million--was led by new investor, Rembrandt Venture Partners, and saw the participation of current investors, including Sierra Ventures. As part of the investment, Rembrandt general partner, Sik Rhee, will join Ooyala's board.
Ooyala (which just launched live streaming capabilities--see the article published on itvt.com, October 12th) says that it will use the new financing to fund an "aggressive expansion plan," that will see it, among other things, targeting the European market and various new platforms. "Video is the fastest growing technology segment, and is the next 'killer app,'" Ooyala president and CEO, Jay Fulcher, said in a prepared statement. "Ooyala's intelligent video platform is accelerating the convergence of traditional media and the Web. Media and non-media companies alike are gaining a better understanding of their viewers and are better able to target both key messages and advertising--using the most advanced analytics processing engine in the industry. With this round of funding, we will be focused on aggressively growing market share and continuing to build industry-leading products."
