STATE COLLEGE, Penn., & SEATTLE, Wash.— The edge computing company Videon has raised $7.3 million in Series A funding led by Voyager Capital that will allow the company to expand its senior leadership, engineering, marketing, and sales teams.
As part of the expansion, Video announced that Rob Green in Seattle joins the firm as CEO with a remit to drive expansion plans and build new partnerships.
The funding round was led by Voyager Capital, with participation from Arnold Venture Group and leading technology executive, investor, and former Adobe Systems CEO, Bruce Chizen.
Since 1997, Voyager Capital has focused on first-round venture investments to help entrepreneurs in the Pacific Northwest and California fund new businesses. Voyager Capital had previously led the Series A venture rounds for Elemental Technologies and MakeTV.
“We’re on a mission to revolutionize the live video streaming market by putting the power of live video processing at the source,” explained Todd Erdley, founder, chairman, and president at Videon. “Our unique technology enables anyone to produce and deliver broadcast-quality video from anywhere to anywhere. With live video being so integral to all our lives, now’s the time to make this technology available to everyone.”
Chizen added that “the funding will enable us to go to the next level in our growth. We are excited to have Rob Green on board as the new Videon CEO. His extensive experience in building strategy for fast-growth technology companies will be a major catalyst for Videon.”
Videon’s technology is used by customers like LiveX, Techex, and major broadcasters, and top sports leagues to deliver tens of thousands of hours of live video every day, the company said.
The new CEO Rob Green noted that “with live video growing exponentially, our new investment comes at exactly the right time. We will leverage the company’s unrivaled expertise, vision, and know-how to enable more people to take advantage of the full potential of live streaming. We’re on a growth journey and this investment will enable us to further cement our pioneering position in the market.”
Videon offers a live video encoding, streaming, and edge computing platform built around on-chip video processing capabilities. It enhanced the use of the compute and video processing power of the Qualcomm Snapdragon chips typically used for the most advanced smartphone solutions and developed IP that uses this power to enable broadcast-quality workflows.
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