Veodia Raises $8.3 Million In Series-A Financing Recent Activity Stimulates VP Hire
Veodia is an enterprise 2.0 software-as-a-service company that enables effortless streaming of high-quality video using h.264/MPEG-4 straight from a standard browser. Today, Veodia announced its Series A VC funding round. There is a great demand for simple, high-quality video services for enterprises and other business users. Forrester Research predicts enterprise 2.0 applications and services will be a $4.6 billion dollar industry by 2013. This funding gives Veodia the opportunity to continue to enhance it high quality video services to benefit enterprises worldwide.
San Mateo, CA (PRWEB) May 12, 2008 -- Veodia, a software-as-a-service company that enables effortless streaming of high-quality video using h.264/MPEG-4 straight from a standard browser, today announced it has raised $8.3 million in a Series A funding round from Clearstone Venture Partners, the D. E. Shaw group, and an angel group led by iParadigms chairman Steven Berger. The new financing will be used to support product development and add more talent to the team.
The most recent addition to the Veodia executive team is Etay Gafni, who comes from SAP and joins the company as VP Products. Mr. Gafni brings more than 13 years of experience in product development, user-experience, community development and global management. He was one of the founders of the SAP Developer Network and worked closely with the office of the CTO, SAP Ventures and product teams in defining, designing and building SAP's next generation Enterprise 2.0 applications. Mr. Gafni will be responsible for product strategy and user experience to give Veodia's customers the most advanced options to create and consume live and on-demand video content.
"Veodia has had an incredible year since launching in April 2007," said Guillaume Cohen, CEO and founder of Veodia. "We have dedicated our efforts to growing a company with world-class engineers and seasoned executives. We were also able to partner with top-tier financial partners like Clearstone and the D. E. Shaw group who bring tremendous value and experience. And we are thrilled to be chosen as one of the leading enterprise 2.0 video providers - this and the growth we're experiencing continue to show that there is a great demand for simple, high-quality video services for enterprises and other business users."
Within a year of its launch, Veodia has received praise from leading technology vendors and members of the technology press. In April 2008, CNET's Webware readers nominated and selected Veodia as one of the leading companies in the video category.
Forrester Research predicts enterprise 2.0 applications and services will be a $4.6 billion dollar industry by 2013. According to a recent report, Web 2.0 applications for the enterprise increase efficiency for end users by fostering productive, advantageous behavior among employees, customers, partners, and with other networks such as Social Computing, the Information Workplace, and collective intelligence.
"We invested in Veodia because we believe that video in the workplace is going to fundamentally change the way businesses interact with their customers, partners and employees," said Anil Patel, principal with Clearstone Venture Partners.
"We are impressed by the company's focus on delivering high quality video broadcasting services to the enterprise market, which we expect to be one of the fastest growing segments of the Web economy," said Michael Banks, a senior vice president within the D.E. Shaw group's venture capital unit.
About Veodia
Veodia's video software as a service allows organizations to broadcast and manage live and on-demand high quality (MPEG-4/h.264) video over the Internet. Businesses can instantly leverage the power of video with employees, customers and partners. IT groups can provide a full scalable, secure and reliable online video solution to all of their business groups without requiring the usual costly and time-consuming infrastructure deployments. Veodia's clients include APC, frog design and MIT Technology Review. Veodia powers the new WebEx Connect collaboration platform with high-quality video. Veodia is backed by top-tier VC firms and headquartered in San Mateo, CA. For more information, visit www.veodia.com.
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