Bitmovin, a Palo Alto, CA- and Klagenfurt, Austria-based provider of video infrastructure for the web, completed a $10.3m in Series A funding.
The round was led by Atomico, with participation from David Helgason, founder of Unity, Chris Kaiser, former VP of Engineering at Netflix and YouTube, and Edward Kozel, former CTO of Cisco, and existing investors Dawn Capital, Speedinvest, and Y Combinator.
The company intends to use the funds to accelerate development of video playback technologies for existing and new platforms, including 360-degree video for virtual reality (VR).
Founded in 2013 and led by Stefan Lederer, CEO, Bitmovin provides a cloud-based video encoding service for companies and developers to reduce video loading times, prevent buffering, and increase video quality for the viewer. It also offers the high-performance Bitmovin HTML5 player that plays video using the MPEG-DASH and HLS format on a range of platforms, including desktop, mobile, Smart TVs and VR headsets.
The company is a Y Combinator alumnus (S15).