Streaming tech company Bitmovin is to receive funding of up to €20 million from the European Investment Bank (EIB).
The company, which charts the likes of RTL, Hulu Japan and the BBC among its clients, said that the funding will allow it to strengthen its R&D and product development team in Austria and support investments in sales and marketing to scale up its distribution network.
The loan is backed by a guarantee from the European Fund for Strategic Investments (EFSI).
EIB vice president Andrew McDowell said: “Bitmovin has developed an intelligent approach to delivering an optimised video experience and solving bandwidth issues, utilising a software-driven solution uncoupled from hardware. Young and innovative companies are key ingredients for ensuring sustainable growth and creating high-value jobs. They play an important part in driving long-term competitiveness.”
European commissioner Carlos Moedas said: “By providing financing to this growing tech company, the EIB and the Juncker Plan are supporting European innovation. Investing in research and development is crucial to any business and I am proud that the EU is helping our European tech entrepreneurs scale up and develop their products and services.”
Bitmovin CEO Stefan Lederer said: “We feel very honoured to receive this EIB funding. Since founding Bitmovin it was our vision to shape the future of video and provide the best streaming experiences for our customers and viewers. Our founding team started by contributing research and development to modern video standards, and now we’re excited to accelerate that effort with this investment.”
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02 December 2020 @ 08:00:01 UTC