Conviva Online Video System Fueled with $15M in Funding
For the continuous development of online video systems, Conviva Inc. gets a Series C round of funding from four investors. GGV capital leads the round, followed by existing investors Foundation Capital, New Enterprise Associates (NEA) and Pelion Venture Partners. The company aims to meet the increasing demands for high-quality, high definition online video that is expected to quadruple t by 2014, according to Cisco Visual Networking Index.
Conviva offers real-time visibility for individual viewer’s sessions, using its proprietary technology to predict any interruptions that may occur, switching delivery networks before it affects the end user. Also, it adds control intelligence to adaptive bit rate delivery.
Conviva has already proven itself during the 2010 FIFA World Cup, where it managed over 200 million streams of 30 million unique viewers, totalling 3 billion viewer minutes from all over the globe. The expertise has lured investors to fund the company’s continuing development. From Glenn Solomon from GGV:
“At GGV Capital, we seek to invest in great teams going after large market opportunities. In Conviva, we’ve found both. Conviva’s CEO, Darren Feher, along with founders Hui Zhang and Ion Stoica, have built a phenomenal team to address the surge in demand for high-quality online video. Its customers consistently agree that Conviva is a ‘must-have’ to build an online video business. We believe Conviva will continue to experience strong momentum as it leads the next wave of HD-broadcast quality video.”
Conviva Inc. has accumulated $44 million in funding since its launch in 2006. With this ongoing investment, the company has optimized video streams for some of the internet’s largest broadcasters, reaching over a billion videos. Conviva’s technology aims to deliver clear videos to support longer viewing times, and increased revenues. This is an important consideration, as advertising is projected to increase around video content in the coming year. Ooyala is another web-based video network that’s recently received a cash infusion, to the tune of $22 million.
“While it is true that the demand for online video is accelerating, we have found up to 25 percent of all streams have inconsistencies such as re-buffering and interruptions, equating to lost revenue for media companies,” said Conviva President and CEO Darren Feher. “At Conviva, we have proven that protected audiences watch longer, more often and are more passionate about high-quality content. We are excited to work with GGV Capital and our existing investors to expand our global footprint and continue to deliver innovative technology that helps media companies and consumers alike transition to the new era of online video—the video Internet.”
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