Thursday, 12 March 2009
Video conference tech co Vidyo raises $15m
CEO Ofer Shapiro said that raising the funds during a global economic downturn "speaks volumes about the strength of our technology and products in the Video Conferencing market."
Shmulik Shelah11 Mar 09 11:31
US-Israeli Video Conferencing solutions developer Vidyo Inc. has raised $15 million in its third financing round. Menlo Ventures led the round, and was joined by all current investors, Rho Ventures, Sevin Rosen Funds and Star Ventures. The Hackensack, New Jersey-based company has raised $38 million since it was founded in 2005. The company also announced the licensing of its technology to Teliris Telepresence Inc.
Vidyo will use the proceeds to expand its sales, marketing, and product development, and to better support its growing customer base and partners
Vidyo president and CEO Ofer Shapiro and chief scientist Dr. Alex Eleftheriadis founded the company, which operated in stealth mode until 18 months ago.
Vidyo has won a number of awards, including a DemoGod award, Best of Interop, and Frost & Sullivan´s 2009 Conferencing and Collaboration Product of the Year for its Video Conferencing technology and products, branded as personal Telepresence.
Shapiro said, "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."
Published by Globes [online], Israel business news – www.globes-online.com - on March 11, 2009
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