Web video infrastructure firm Bitmovin has completed a US$10.3 million (€9.2 million) Series A funding round led by investment firm Atomico.
California and Austria-based Bitmovin said it will use the funds to accelerate the development of video playback technologies for existing and new platforms, including 360° video for virtual reality.
Other investors in the round included a number of prominent angel investors such as: Chris Kaiser, former VP of engineering at Netflix and YouTube; Edward Kozel, former CTO of Cisco; and David Helgason, founder of Unity. Dawn Capital, SpeedInvest, and startup incubator Y Combinator also contributed.
“This latest round of investment will help us to continue improving our product. At a time when net neutrality has risen up the political agenda, we are determined to increase the speed and quality of video playback on any platform whilst also reducing the bandwidth needed to power the technology,” said Bitmovin CEO, Stefan Lederer.
“That is why we have been able to secure investment from one of the best SaaS VCs in the market and from some of the most impressive video and VR experts and angel investors.”
Bitmovin aims to let content providers stream high-quality videos on any platform, with low buffering times and high quality performance, while making it easy for developers to build services using its API.
The company is based in Palo Alto, California, and Klagenfurt, Austria and is privately owned.