iStreamPlanet, a US-based provider of live streaming video solutions, has secured $8m in new financing led by expansion-stage venture capital firm QuestMark Partners, which targets “category-creating” companies. QuestMark joins previous investors Intel Capital, the corporate investment arm of US microprocessor maker Intel, Turner Broadcasting System, US-based television broadcaster which is part of the Time Warner group of companies, Interxion, Netherlands-based data centre company, and Juniper Networks, US-based maker of networking equipment.
Previously, Juniper Networks’ corporate venturing arm, the Junos Innovation Fund, joined a series A round for iStreamPlanet in May 2013. Intel Capital led the series A round, committing $7m in 2011, with Turner and Interxion investing in 2012, taking the then total to around $9m. The company was reported to have been seeking about $11m in its series A.
The company will use the latest funding to accelerate the launch and sales of its Aventus, a cloud-based, live video workflow platform, through its partner ecosystem and to further propel development and deployment of the next versions of Aventus.
Mio Babic, chief executive officer of iStreamPlanet, said: “Our industry is changing rapidly due to the huge growth in connected devices, and our customers are both excited and challenged by the opportunity in live, multiscreen streaming video delivery. This investment energizes our sales, marketing, and software engineering teams to bring innovative solutions to market that will help our customers meet these challenges and accelerate their live video strategies.”
Tim Krongard, partner at QuestMark Partners, said: “Live streaming media is one of the fastest growing markets with strong consumer and industry demand for new products and services. iStreamPlanet is well positioned as a market leader in this space with deep expertise in multiplatform live streaming, live video workflows, and cloud-based technologies.”