On the heels of launching live streaming video capabilities, Ooyala, a provider of web-based video solutions, scored $10 million in a new round of financing led by Rembrandt Ventures.
Ooyala, founded in 2007 by former Google staffers, provides companies with online video platforms to manage web video. Ooyala got an earlier $10 million in two previous rounds of financing, from venture capital firm Sierra Ventures and private investor Ron Conway. The company has added live streaming video to its menu of services, making it well-equipped to compete with companies like Brightcove which offers custom web video management services but is partnered with Livestream to offer live streaming video.
Ooyala’s latest cash infusion of $10M is impressive, notes Ryan Lawler of Contentinople. This summer, live video firm Ustream.tv raised $2M, and mobile streaming specialist Qik picked up $5.5M. Meanwhile, Ooyala has nearly doubled its staff and brought on a new CEO, Jay Fulcher.
Ooyala plans to use the new funds to expand globally, focus on product innovation, and cultivate their customer base.