US-based video technology software provider Conviva has raised $40m in funding from investors including Time Warner Investments, the corporate venturing arm of media and entertainment group Time Warner.
The Australian government-owned Future Fund led the round, which included venture capital firms New Enterprise Associates (NEA) and Foundation Capital. A source close to the company told TechCrunch it valued Conviva at “around $300m”.
Conviva has developed a platform that gives broadcasters information on how their over-the-top (OTT) video content is consumed by online and mobile viewers. Its sensors are used across roughly 2.5 billion devices altogether.
The proceeds from the round will be invested in product development, sales and marketing as Conviva looks to expand globally. Its technology is mainly used in North America and Europe but the company aims to now grow its presence in Asia and Latin America.
Hui Zhang, Conviva’s co-founder and CEO, said: “We are excited to close this round of funding so we can accelerate our new product offerings and our global market expansion, extending our technology and market leadership in OTT measurement and analytics.”
The company has now raised $121m since it was founded as Renira in 2006, according to TechCrunch, though only $99m has been publicly disclosed.
Time Warner Investments led Conviva’s last round, a $15m series D in 2012 that included NEA, Foundation Capital, GGV Capital and Pelion Venture Partners.