LiveU mobile broadcast transport snags $27M funding round
Michelle Clancy | 13-11-2012
Video-over-wireless broadcast transmission provider LiveU has snagged $27 million in a new funding round to expedite its product development and global expansion. To date, LiveU has raised around $50 million.
"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, in a statement. "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."
Founded at the end of 2006, LiveU offers end-to-end live video transmission using cellular uplink technology for transmitting live coverage. Global customers include NBC and BBC News, and recently LiveU's units were widely used during the US presidential campaign and to cover the devastation caused by Hurricane Sandy.
LiveU's flagship LU70 product is the industry's first bonded 3G/4G LTE backpack and recently added the handheld, lightweight LU40 device to the lineup. The company also recently introduced its laptop and mobile app solutions for iPad and iPhone, using multiple connections and a unified management platform to enable control rooms to manage multiple video feeds from LiveU units operating in different locations.
LiveU's backpack and handheld solutions can support multiple 4G LTE/3G, HSPA+, WiMAX and Wi-Fi cellular links.
The round was led by new investor Lightspeed Venture Partners, with participation by existing investors: Canaan Partners, Carmel Ventures and Pitango Venture Capital.
"We've been impressed by LiveU's management team, consistent track record and strategic direction," said David Gussarsky, Lightspeed's managing director, who joins LiveU's board of directors. "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."