Photo Credit: Owl Labs
Boston-based video conference product company Owl Labs — which is known as the creator of the smart 360° conferencing camera Meeting Owl — has been growing at a rapid pace. In the last year, Owl Labs saw 10X growth in customers and 8X growth in revenue.
Recently, Owl Labs announced it raised $15 million in Series B funding led by Spark Capital. Matrix Partners and Playground Global also participated in this round. Including this round of funding, Owl Labs has raised $22.3 million total since it launched.
This round of funding will enable Owl Labs to continue its momentum and innovative new solutions for the changing workforce. And the funding will be used for growing the team, accelerating product manufacturing to meet the increasing demand, and expanding the company’s international reach in 2019 and beyond.
“We are grateful to Spark Capital for their support, and for seeing and believing in the potential for Owl Labs to improve the meeting experience in ways that only a true smart device can,” said Owl Labs CEO Frank Weishaupt in a statement. “Given our current momentum, this funding will help us accelerate growth and make significant new investments in the technology.”
Owl Labs has been on a mission to increase productivity and improve collaboration across an increasingly distributed workforce. And the rise of remote work has been showing no signs of slowing down. Plus smart technology will be instrumental in driving the long-term success and productivity of this changing workforce. Owl Labs has positioned itself to become a leader in this space.
What distinguishes Owl Labs from other video conferencing products is that the Meeting Owl smart device bridges the cap when it comes to the use of exclusive software and hardware. Most other video conferencing products keeps users within their proprietary platforms. Last year, Owl Labs customers used the Meeting Owl with platforms like Zoom, Google Hangouts, and Microsoft Teams to conduct more than 450,000 meetings. And Owl Labs is expecting more than 20X usage growth in the next two years and projecting that 10 million Meeting Owl meetings will take place in 2020.
“Owl Labs is taking on a universal challenge,” added Spark Capital co-founder and general partner Santo Politi. “Employees at all levels and across all industries have experienced the confusion, delays, and awkwardness that often come with poor video meeting setup, which over time impacts employee satisfaction and ultimately the bottom line. We’re excited to invest in a company that’s looking beyond current workplace technology to create video conferencing solutions that serve all employees equally.”