Vidyo Raises $17 Million
Vidyo is a company that aims to make video communication as simple and natural as sending an e-mail. The company believes that video communication should work on any device on any available network at an affordable price. However video conferencing tends to be expensive to implement, especially for companies that set up room-based systems. Vidyo’s software solutions for video conferencing is available at a low cost. The company has announced today that they have raised $17 million in funding.
Through this round, Vidyo has raised a total of $116 million in venture capital financing thus far. Investors in this round include Triangle Peak Partners, Juniper Networks, QuestMark Partners, Menlo Ventures, Rho Capital Partners, Star Ventures, and Four Rivers Group.
The company’s year-over-year billings have grown 68% in 2012, mostly due to strong enterprise sales. Sales are up 77% in the healthcare and education sectors. The company also has a deal in place with Internet2, which will help drive sales in universities and K-12 schools.
Since Vidyo builds software for video conference, it has compatibility for customers that have Cisco, Polycom, and Lifesize equipment.
Vidyo currently has 250 employees and 13 offices across the world. They also have 56 pending patents and 26 issued patents. Vidyo plans on using the funding to expand their technical team and expand their product globally.