STATE COLLEGE, Pa.—Edge computing tech startup Videon has announced that it has raised an additional $9 million in funding, boosting the total investments in the company during the past seven months to $16.3 million.
The funding, led by Alter Venture Partners with participation from Fortson VC, Bruce Chizen, Voyager Capital, and Cercano Management, will be used to further develop and improve its next-generation video edge computing platform, Videon said.
Videon’s technology already powers tens of thousands of hours of live video every day for audiences across more than 19 countries. Techex, THEO Technologies, V-Nova, and Zixi are currently building and deploying applications that harness the benefits of Videon’s edge computing capabilities for their customers, the company reported.
“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,” said Tricia Iboshi, CEO at Videon. “For our customers, just getting live video over the internet is table-stakes and only the start of the story for what they need to achieve. We’ve spent the last 6 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 personalization and monetization. The latest funding will enable us to continue to innovate, adding more video applications, enabling disruptive workflows and driving live video at scale.”
Videon puts edge computing power at the point that video is created, enabling a huge array of video processing tasks to be completed before content goes into the cloud, the company said. This enables users to significantly reduce the complexity and cost of live production, adding multiple camera angles and remote feeds to meet growing audience expectations for personalized content.
Moving computing power to the edge where the video is created is the key to reducing latency, the company noted, and is especially vital for sports, gaming, and betting applications.
“Live streaming is exploding but it’s actually only at the first stage of its potential,” said Louis Toth, managing partner at Alter Venture Partners. “At the moment, the economics of creating and distributing live video are restricting what content creators and media organizations are able to do. Videon is revolutionizing live video through powerful edge processing at an unrivaled price point. Videon’s video edge computing platform has huge market potential — it opens up unlimited live video use cases across sectors powered by low latency, multiple camera angles, technologies like AI and Machine Learning, and new monetization opportunities.”