Conviva, a streaming solutions provider, has closed a USD15m series C round of funding, bringing Conviva’s total amount raised to USD44m since its launch in 2006.
GGV Capital led the round with participation from existing investors Foundation Capital, New Enterprise Associates and Pelion Venture Partners (formerly UV Partners).
Conviva has optimised over a billion video streams for some of the largest broadcasters on the internet and will use the new financing to expand the company’s footprint, drive technology innovation and invest in new industry segments.
According to the Cisco Visual Networking Index, the amount of Internet traffic is expected to quadruple by 2014 and the primary driver for this growth is online video. Conviva’s technology protects audiences from choppy video experiences, which in turn leads to longer viewing times and increased revenues.
"At GGV Capital, we seek to invest in great teams going after large market opportunities," says Glenn Solomon (pictured), partner, GGV Capital. "In Conviva, we’ve found both. Conviva’s chief executive 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."
"While it is true that the demand for online video is accelerating, we have found up to 25 per cent of all streams have inconsistencies such as re-buffering and interruptions, equating to lost revenue for media companies," says Darren Feher, president and chief executive, Conviva. "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."
GGV Capital, formerly Granite Global Ventures, is an expansion stage venture capital firm focused on the US and Asia.