LiveU Secures Third Round Investment of $11 million Led by Pitango Venture Capital, with Participation of Carmel Ventures and Canaan Partners
- Created on Sunday, 07 November 2010 00:00
LiveU, Inc. (www.liveu.com), a pioneer in highly portable live video transmission solutions over wireless networks, today announced that it has raised $11 million in a third round of investment. Pitango Venture Capital led the round with the participation of the existing investors, Carmel Ventures and Canaan Partners. To date, LiveU has raised over $23 million.
Founded in 2006, LiveU develops cutting-edge technology for the transmission of high quality live video from the field directly to the Internet and TV, by using wireless networks such as 3G cellular data, Wi-Fi, and WiMAX, without any need for dedicated infrastructure. LiveU’s video transmissions offer high definition quality at low cost, allowing any TV broadcaster or online video site to provide live coverage to their users. LiveU’s R&D center is based in Israel and sales, marketing and support headquarters are based in New Jersey, USA.
LiveU’s CEO, Samuel Wasserman, said: “Finalizing this round of investment will allow the Company to expand its presence as a significant player in global markets, in parallel to completing the development of next-generation products, based onour extensive experienceworking with top-tier TV and news organizations. In addition to TV broadcasters, we’re seeing a massive growth in demand for live video solutions from web-based content providers.”
"I am delighted that a tier one fund such as Pitango is joining LiveU’s prestigious list of investors. I am certain that, together with the current investors, Pitango will contribute greatly to LiveU’s development and success as a global company,” added Wasserman.
Isaac Hillel, Managing General Partner at Pitango Venture Capital, who joins LiveU’s Board of Directors, said: “LiveU’s unique services have created a new dimension in the availability of live broadcast to TV broadcasters and Internet portals. In an era where it is taken for granted that every TV viewer and web site visitor will have access to live content and video, LiveU has successfully created the ultimate solution for the world’s leading news suppliers. We were very impressed by LiveU’s management, which has accomplished so much over a short period of time, and we are happy to join and contribute to the Company’s growth and development”.
LiveU’s customers include many of the world’s leading TV networks, news agencies and leading online media giants who use the company’s technology and products on a daily basis from different locations around the globe. LiveU has been used extensively in a wide array of high visibility events, for example the World Cup in South Africa, the Grammys in the US, the Beijing Olympics and the G20 summits.
LiveU recently launched its next generation HD platform, featuring breakthrough capabilities, such as advanced RF technology for resilient transmission even in poor cellular reception areas and easy and affordable worldwide roaming.