US-based video conferencing technology developer Highfive raised $32m today in a series B round backed by Google Ventures, diversified internet company Google’s corporate venturing unit.
Venture capital firm Lightspeed Venture Partners led the round, which also featured Andreessen Horowitz, General Catalyst, SV Angel and angel investors Aaron Levie, Drew Houston, Marc Benioff and Shishir Mehrotra.
Highfive’s platform, which began shipping in December 2014, consists of an all-in-one video and cloud software device it claims can provide high-quality video conferencing at 5% the cost of traditional products.
The company also provides web conferencing and shared screen functionality for laptops, tablets and mobile devices. It said today that more than 500 companies have begun using HighFive since its launch.
Highfive previously raised $13.5m in a 2013 series A round led by General Catalyst that also included Google Ventures and Andreessen Horowitz. The latest funding will be used to double its 50-strong workforce, with a particular focus on engineering, sales and marketing.
Shan Sinha, chief executive of Highfive, said: “Customers who started with one or two devices have come back to us to put Highfive in every meeting room.
“We are seeing record growth, and we’re on track to process one million video minutes per week within the first six months of shipping, making Highfive one of the fastest growing business video conferencing providers in the industry.”