Telstra, Sky pour cash into Elemental Technology
DetailsJoseph O'Halloran | 22 December 2014
Imitation may be the sincerest form of flattery but a cash injection from some of your best customers isn't far behind as Elemental Technologies has revealed with $14.5 million in series D financing.
delta video delivery-2The round has been led by two of its key accounts Telstra, Australia's largest telco, pay-TV giant Sky plus existing investors General Catalyst Partners, Norwest Venture Partners and Voyager Capital.
"With its software-defined video processing and delivery solutions, Elemental is at the forefront of video delivery and the evolution of content monetisation. Our investment in Elemental will enable Telstra to create value for our global media customers," commented Telstra global enterprise and services managing director for ventures Mark Sherman explaining the investment. "Elemental's unique offer provides the flexibility and scalability to ensure a great customer experience despite high network traffic demands."
"This investment builds on Sky's existing commercial relationship with Elemental and our leading position in internet-delivered video, and enables Sky to tap into the company's experience and expertise in this area," added Emma Lloyd, director of corporate development and start-up investments for Sky.
Elemental will use the funds to accelerate worldwide growth and expand its suite of software-defined video (SDV) solutions to support the whole of the IP video delivery chain. This includes the Elemental Delta solution launched at IBC 2014.
"This investment round led by Telstra, combined with the funding participation by Sky and our accelerated growth to more than 600 customers, illustrates the momentum behind our vision for software-defined video," said Sam Blackman, CEO and Co-founder for Elemental. "With our series D funding announcement today, industry watchers mayask: why is now the right time for Elemental to accept strategic investment from key customers? As with any financing round, the timing and the deal need to be right. But fundamentally, it boils down to a shared belief that we can all evolve faster if we're strategically aligned around a core goal of transforming the media landscape. In many ways, 2015 will mark an inflection point for the video industry as content creators and aggregators deliver ever-more innovative multiscreen services. Furthermore, as the number of video-capable IP devices heads to 15 billion according to Ericsson, next-generation software-defined video infrastructure is required to support giga-scale video distribution."