SAN FRANCISCO—Bitmovin has closed a Series C financing round in which it raised $25 million. This new funding will be used to drive Bitmovin’s expansion of its product innovation and technology leadership in the streaming space, according to a press release.
Swisscom Ventures led the way in the Series C round, along with Climb Ventures and existing Bitmovin investors Atomico, Highland Europe and Constantia New Business. According to Bitmovin, the video infrastructure provider has $68 million in total funding.
As the streaming industry boomed in 2020, Bitmovin reports it saw a 174% growth in the number of broadcasters going with OTT. Bitmovin itself reported a 118% increase in video play with 220% more minutes watched, as well as 380% growth in network traffic of video on the internet.
With this surge in streaming, which caused a 15% slowdown on average bandwidth available to viewers, Bitmovin says that it enabled tier-one media companies to reclaims upwards of 60% of their streaming bandwidth.
“Bitmovin continues to set the pace for industry innovation, pushing video streaming to new heights while allowing new market entrants to compete with established players,” said Stefan Kuentz, investment partner at Swisscom Ventures. “We are extremely proud to be a key partner of Bitmovin’s in seizing this tremendous market opportunity.”
Bitmovin already provides OTT online video services to the likes of Discovery+, fuboTV, DAZN, BBC, RTL, RedBull Media House, Globo, ClassPass, The New York Times and more. Bitmovin was honored in 2020 with a Technology & Engineering Emmy.
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