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Bitmovin Raises $10.3M Series A

Written by:
September 7th, 2016

The talented team at Bitmovin have been quietly building the infrastructure to improve the future of video. I’m excited to support their efforts.

Quote: David Helgason, Founder Unity

We are proud and happy to announce that we closed a $10.3M Series A

A big thank you to our outstanding team for the work they have done in building our products and bringing them to market, as well as to our incredible customers who have used our infrastructure to build cutting-edge online video products and service offerings. Although we are growing nicely with a healthy business, we have decided to go this way to further improve our video infrastructure products such as our cloud encoding and our adaptive streaming player. Our goal is to maintain the level of support to our customers, to build new products and building-blocks such as 360°/VR streaming, and much more. We want to extend our product portfolio, to be as useful to our customers as possible and become THE infrastructure for video on the web!

This round was led by Atomico, one of the leading international venture capital funds, headed by Skype founder Niklas Zennström. The amazing team, worldwide presence and commitment to supporting their portfolio companies, made Atomico an easy choice. But it goes far beyond that — they possess a deep understanding of technology companies such as Bitmovin and the market we are targeting, and readily share in the ethos of our technology and developer-focused company culture. Our existing investors Dawn Capital, YCombinator and SpeedInvest also joined the round. We are thrilled about their continued commitment to the company.

But that’s not all. We wanted to include as many experienced and helpful individuals as possible in this round, as this is a highly valuable source of expertise and advice for us as a company. We were able to attract a great team of angel investors including:

  • David Helgason – Founder of Unity, the major platform for virtual reality.
  • Edward Kozel – former CTO of Cisco and former Chief Technology & Information Officer Deutsche Telekom
  • Chris Kaiser – former VP Engineering Netflix, former Engineering Director YouTube
  • Dries Buytaert – founder Drupal, co-founder and CTO Acquia
  • Andrew Gault of 7percent Ventures, co-founder Gaikai
  • Greg Castle of Anorak Ventures and VR Angel Investor
  • Anand Swaminathan – Director at McKinsey & Company
  • Richard Lumb – Group Chief Executive, Financial Services at Accenture
  • Gokul Rajaram – Product Engineering Lead at Square
  • Michael Sutcliff – Group CEO, Accenture Digital

What’s Next?

Now, all of us at Bitmovin can use the resulting advice, support and funds from this round and focus fully on our mission to build THE video infrastructure for the Web. In doing so, we will be guided by the core values that brought us to this place and are fundamental to the Bitmovin culture:

Technology Leader in Online Video

Being innovative and creating outstanding technology is what drives us. So we developed the fastest cloud encoding service on the market, together with the best performing adaptive streaming player. We are first-movers when it comes to new features & technologies, as proven by our DRM for HTML5, 360°/VR streaming, HLS in HTML5, etc., and we continue to innovate with new products that join our infrastructure offering.

Low Friction Adoption by API

We strive to build the best possible API for our customers, an API that we as developers would love to see and use. This sentiment extends to our online documentation, samples, API clients, etc., to make it as useful and valuable as possible. With this we want to enable developers to fulfill their goals, e.g. building Netflix- or Twitch-like systems with:

  • great streaming performance
  • all features and integrations working out of the box
  • minimal time-to-deploy (e.g. a day or less)
  • seamlessly scale from development to production

Excellent Support: We Care About our Customers

We strongly believe in great support to help the users of our infrastructure fulfill their goals and to be as useful to them as possible. For us, this provides a way to be in close contact with our customers and to know their use cases as well as the developers integrating our infrastructure. In the end, this knowledge is the driver for nearly all our new features and products. We believe this is the key to success, to build a product that people really want.

Based on these core principles, we look forward to expanding our position in the amazing, ever-changing market of online video. Stay tuned for the upcoming release of our new Bitmovin API, which includes a lot of new features and product offerings. If you are interested in early access and want to give it a try, please let us know!

Our market is a very interesting one, with great technological challenges and opportunities, as well as the interesting use cases our customers enable using our infrastructure. It’s a pleasure to have investors that share this opinion, such as Teddie Wardi, Principal at Atomico:

“Online video content has exploded over the last few years. Consumers have come to expect high-quality video anywhere, and on any device. They have little patience for buffering and skipping, and Bitmovin will solve this problem. But this is only the beginning for the market opportunity. The time spent watching online video is still less than 20% of linear TV programming. As the viewing habits of millennials become the norm, this figure will rise massively.”

We are now getting ready for the next events where you can meet the Bitmovin team in person, such as IBC in Amsterdam, Dmexco in Cologne, Demuxed in San Francisco, Streaming Media West in Huntington Beach, NAB Show Las Vegas, TV Connect in Dubai, NAB New York, and NAB Asia in Shanghai. It would be great to meet you there!

Thank you for taking part in this journey with us.

All the best,
Stefan
CEO & Co-Founder, Bitmovin

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