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Vidyo Secures $15 Million in third round of financing
By siliconindia
Hackensack: Vidyo, a global player in personal telepresence, has announced a $15 million third round of financing, bringing the total amount of capital raised by the company to $38 million since its inception in 2005. Personal telepresence enables anyone, from anywhere and at any time to communicate in multi-party conferences with natural HD video quality over the Internet and general-purpose IP networks. The additional funding enables Vidyo to expand its sales, marketing and product development efforts as well as better support its growing customer base and partners.
Menlo Ventures led the latest round, and was joined by all existing investors: Rho Ventures, Sevin Rosen Funds and Star Ventures. With this new round, Menlo Ventures' Managing Director, Doug Carlisle, joins the Vidyo Board.
"Menlo Ventures is leading our third financing round. Last year they made a small initial investment that provided them the ability to evaluate Vidyo�s potential and performance and they liked what they saw," said Ofer Shapiro, Chief Executive Officer of Vidyo. "The fact that we are able to raise a substantial amount of funding from such top tier investors during this global economic downturn, speaks volumes about the strength of our technology and products in the video conferencing market," Shapiro added.
Since it emerged from stealth mode in Fall 2007, Vidyo has achieved global recognition, industry accolades and awards including a DemoGod award, Best of Interop, and Frost & Sullivan�s 2009 Conferencing and Collaboration Product of the Year for its ground-breaking technology and products that deliver a new generation of video conferencing�branded personal telepresence.
"We see Vidyo's potential to disrupt the video conferencing market," said Doug Carlisle, new Vidyo Board member and Managing Director of Menlo Ventures. "In monitoring the company's development over the past six months, we have observed their formation of important partnerships and rapid market acceptance. We are convinced that Vidyo will see significant growth in 2009."
