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Bitmovin raises US$30 million in funding

Online video encoding specialist Bitmovin has raised US$30 million in Series B funding, led by Highland Europe.

Bitmovin said it will use the cash to expand its customer base by scaling its product research and development, field engineering and sales teams worldwide.

Highland Europe led the round with participation from existing investors Atomico, Constanita New Business, Dawn Capital and YCombinator. The latest round brings total investment in Bitmovin to US$43 million.

“Our mission is to provide the infrastructure layer for all video on the internet, a market that combines traditional media customers as well as Internet companies transforming into video companies,” said Stefan Lederer, CEO and co-founder at Bitmovin.

“In our view, every internet company is going to be a video company in the future, which is a huge opportunity for Bitmovin to be an integral part of the internet infrastructure.”

Fergal Mullen, partner at Highland Europe, said: “As the shift to streaming approaches a tipping-point and becomes the dominant format of consuming sports, news, movies and drama, Bitmovin is addressing an unprecedented market opportunity.”

“With video now critical to all social media platforms, as well as many more internet companies and increasingly corporates and educators, Stefan and his team are set to shape the future of video technology.”