Hackensack-based Vidyo, Inc., announced a $20 million round of financing to accelerate the company’s efforts to deliver visual communication solutions that address the explosion in the “connected world” as millions of new devices, appliances, services, platforms and workflow/business processes connect businesses and individuals online at work, at home, in their car or through wearables.
The current round includes participation from all existing investors, including: Menlo Ventures, Rho Ventures, Sevin Rosen Funds, QuestMark Partners, Saints Capital, Four Rivers Group, ORR Ventures, Triangle Peak Partners and Juniper Networks through its Junos Innovation Fund, and brings the total amount of capital raised by the company to $139 million. Vidyo will use the funds raised for sales and market development to broaden the adoption of its VidyoWorksTM platform.
“Every day there are announcements of new connected solutions or applications in healthcare, banking, government or enterprise solutions visually connecting people at work,” said Ofer Shapiro, Vidyo’s CEO and co-founder. “Vidyo makes it possible to integrate visual communication into these applications, and many others, using commodity devices available today and will support new solutions as they emerge. While the focus of the ‘Internet of Things’ up until now has been on machine-to-machine applications, we are seeing strong demand to visually connect people into workflows for person-to-person applications in the workplace, on the road or at home, all federated with the Internet of Things.”
Vidyo is powering integrated visual communication in large-scale online banking, healthcare, government and enterprise applications. Vidyo technology is currently deployed in individual networks with capacity exceeding hundreds of millions of minutes per year, in other networks exceeding 1,200 VidyoRoomTM systems, and in new form factors and applications such as hospital beds and gaming systems. Because Vidyo can be integrated into a company’s workflow or business processes, at the right quality and price point, some customers’ usage now puts video conferencing on a trajectory with that of audio conferencing.
The VidyoWorks platform and APIs allow developers and solution providers across a variety of markets and applications to address the growing opportunity to integrate video communications into existing workflows like Electronic Medical Records (EMR) or into new devices or appliances that are emerging every day. The VidyoRouterTM enables Vidyo to deliver the four key requirements critical to adding video into the new connected world: