Panvidea Secures Additional $2 Million in Series A Financing
Panvidea has announced that it has closed approximately $2 million in a second round of Series A funding. The round was led by new investor DFJ Gotham Ventures and also included participation from Contour Venture Partners, eValue, NYCSeed and Wider Wake Network. This round follows a seed round of $1 million from Greycroft Partners in December 2008.
“We welcome our new investors, all of whom have been working closely with us to help grow the business,” says Chris Cali, CEO and Co-founder of Panvidea. “Their experience and relationships are already paying dividends.”
Daniel Schultz, Co-founder and Managing Director of DFJ Gotham Ventures, who recently joined Panvidea’s board of directors said: “Panvidea represents an entirely new model for multi-platform video distribution with no other vendor offering a post production and delivery solution that is as fast, scalable, or cost effective. Panvidea is leading the way toward an entirely new digital media supply chain and this investment is a unique opportunity to leverage the significant advantages of cloud-based technology and capitalize on the continually expanding growth of convergent video.”
Jay MacDonald, Managing Partner at eValue, also joined Panvidea’s board of directors, bringing over 20 years of experience as an investor and investment banker focused on the digital media and general media sectors in the U.S. and Europe. eValue is the venture capital firm founded by global entrepreneur, Thomas Falk, in Autumn 2006 after his online-marketing firm, Falk eSolutions AG was acquired by DoubleClick/Google.
The capital is being used to significantly invest in both immediate and ongoing product development and to re-launch the brand within the market. Specific product enhancements have attracted the major new clients of A&E Television Networks, Fox Broadcasting Company and Getty Images include. Among these enhancements are a more powerful and user-friendly dashboard with real-time monitoring; an increased system performance enabled by detailed input file analysis and enhanced resource allocation algorithms; new video processing capabilities such as standards conversion, audio downmixing, commercial slate creation and support for broad range of broadcast quality formats; and updated service packages based on content hours output instead of per-GB in and out to encourage high-quality video sources.
“The closure of funding and re-launch of Panvidea positions us further into the professional broadcast encoding and post-production markets,” said Cali. “Panvidea combines an instantly scalable, cloud-based post production and encoding engine with an integrated online dashboard for managing the entire video processing workflow from ingest to delivery. Through continued product development and performance enhancements, we automate many non-creative post-production and encoding processes, enabling content owners, advertisers and broadcasters to realize instant and significant cost savings while improving quality and speed of distribution”.