LiveU Closes $27 Million Funding Round
To date, LiveU has raised around $50 million
November 12, 2012
HACKENSACK, N.J.—LiveU, a provider of portable video-over-cellular solutions, announced that it has raised $27 million in a funding round to expedite its product development and global expansion. The round was led by new investor Lightspeed Venture Partners, with participation by existing investors: Canaan Partners, Carmel Ventures and Pitango Venture Capital. To date, LiveU has raised around $50 million.
The LU70 bonded 3G/4G LTE backpack
Lightspeed Venture Partners is a Silicon Valley-based global venture capital firm with over $2 billion under management with additional locations in India, Israel and China with Lightspeed China Partners. Over the past two decades, it has invested in more than 200 consumer, enterprise and cleantech companies, including DoubleClick, Flixster and Living Social. David Gussarsky, Lightspeed’s Managing Director will join LiveU’s Board of Directors.
Founded at the end of 2006, LiveU offers portable IP-ENG products including its flagship LU70 bonded 3G/4G LTE backpack. LiveU’s backpack / handheld solutions include multiple 4G LTE/3G, HSPA+, WiMAX and Wi-Fi cellular links. Its customers include NBC and BBC News. LiveU’s units were used during the US Presidential Campaign and over 300 units were deployed on Election Day itself to transmit live coverage. Around 100 LiveU units were also used to cover the devastation caused by Hurricane Sandy. The company recently introduced its laptop and mobile app (iPhone/iPad) solutions using multiple connections and a unified management platform, enabling control rooms to manage multiple video feeds from LiveU units operating in different locations.
“LiveU’s year-on-year growth is a testament to our technological leadership and the fast-growing demand for cellular-based live video transmission in the broadcasting and online media markets,” said Samuel Wasserman, LiveU’s CEO. “As we move from being a product-based to solutions-based company, this substantial investment will enable us to expand our mobile offerings, continue our technological innovation and extend our geographical presence.”
“We’ve been impressed by LiveU’s management team, consistent track record and strategic direction,” Gussarsky said. “The company has built a strong, global customer base and become the benchmark for video-over-cellular uplink technology. We’re confident that LiveU will continue on its growth path, delivering innovative solutions that meet a real need, and we’re excited to be part of their journey.”
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