Elemental Technologies, the leading supplier of video solutions for multiscreen content delivery, today announced that it raised $13 million in Series C financing led by Norwest Venture Partners (NVP). NVP joins existing investors General Catalyst, Voyager Capital and Steamboat Ventures, who also participated in the round.
The new funding comes as Elemental invests aggressively to extend its leadership in the multiscreen content delivery market. As part of the company’s maturation, Elemental has appointed Kevin O’Hara as Chairman of the Board. O’Hara brings over 25 years of experience guiding startup companies through successful growth.
Service providers, content programmers, broadcasters, live event producers and enterprises worldwide are showing strong demand for Elemental’s disruptive video processing solutions. NVP, whose past investments include companies such as Omneon, Polycom and Rackspace, has actively partnered with entrepreneurs to build and grow more than 500 successful businesses over the past 50 years.
“Elemental’s ascendance in the IP video delivery market over the last two years has been well-documented and something we have watched closely,” said Robert Abbott, general partner at NVP. “When combined with the clear growth trajectory of the over-the-top video and TV Everywhere markets and its deep technology differentiation, we believe now is the right time to invest in Elemental.”
“Over the past 18 months, I’ve had the pleasure of working closely with the Elemental executive team as they’ve grown through the launch phase of their business,” noted Kevin O’Hara, newly-appointed Chairman. “I’m excited to expand my leadership role within an organization that puts an extreme focus on customer satisfaction and execution while keeping its eye on the long term growth of the business.”
“Elemental is truly humbled to have the strong support of NVP and our new Chairman as we continue to invest in the product development, sales and support required to build a world-class business,” said Sam Blackman, CEO and co-founder at Elemental. “I’m confident that together, with the continued commitment of the entire Elemental team, we’ll extend our global leadership in the video processing market.”
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