Highland Europe has led a series B round for Bitmovin, which has developed technology to encode videos for streaming and is based on research at University of Klagenfurt.
Bitmovin, an Austria-based video technology spinout from University of Klagenfurt, has raised $30m in a series B round led by Highland Europe.
Atomico, Constantia New Business, Dawn Capital and Y Combinator also supported the round.
Founded in 2013, Bitmovin has developed technology to encode videos in the cloud, known as adaptive streaming. The technology makes it possible for a device to receive the highest quality available for the current bandwidth, guaranteeing a constant stream and avoiding buffering.
Stefan Lederer, Christopher Müller und Christian Timmerer, the co-founders of Bitmovin, previously helped develop MPEG-Dash, a video streaming standard now used by large platforms such as Netflix and YouTube. They patented that work, forming the basis for Bitmovin.
The series B funding will allow the spinout to boost product R&D and grow its engineering and sales teams, with the ultimate aim of attracting more clients. Bitmovin’s clients already include news publisher New York Times, broadcaster ProSiebenSat.1 and live streaming service Periscope.
Atomico previously led a $10.3m series A round in 2016 that included Dawn Capital, SpeedInvest and Y Combinator as well as assorted angel investors.
Zillionize supplied an undisclosed sum in 2015, after SpeedInvest and Constantia had injected a seven-figure amount in 2014 alongside federal development bank Austria Wirtschaftsservice and regional investment fund Kärntner Wirtschaftsförderungs Fonds.
