HACKENSACK, N.J., Nov. 12, 2012 /PRNewswire/ -- LiveU ( www.liveu.tv), the leader in portable video-over-cellular solutions, today announced that it has raised $27 million in a funding round to expedite its product development and global expansion. The round was led by new investor Lightspeed Venture Partners, with participation by existing investors: Canaan Partners, Carmel Ventures and Pitango Venture Capital. To date, LiveU has raised around $50 million.
Samuel Wasserman, LiveU's CEO, said, "LiveU's year-on-year growth is a testament to our technological leadership and the fast-growing demand for cellular-based live video transmission in the broadcasting and online media markets. As we move from being a product-based to solutions-based company, this substantial investment will enable us to expand our mobile offerings, continue our technological innovation and extend our geographical presence."
Wasserman continued, "We're proud that Lightspeed, with their extensive operating experience, is joining LiveU's list of top-tier investors. This latest financing round signifies a strong vote of confidence in the company, enabling us to embark on an exciting new stage in LiveU's development. With our expert team and extensive partner network, we're confident that we will continue to lead the space in innovation and service."
David Gussarsky, Lightspeed's Managing Director, who joins LiveU's Board of Directors, said, "We've been impressed by LiveU's management team, consistent track record and strategic direction. The Company has built a strong, global customer base and become the benchmark for video-over-cellular uplink technology. We're confident that LiveU will continue on its growth path, delivering innovative solutions that meet a real need, and we're excited to be part of their journey."Founded at the end of 2006, LiveU offers customers a complete, end-to-end live video transmission solution and is recognized as the benchmark for uplink technology with global customers including NBC and BBC News. LiveU's units were widely used during the US Presidential Campaign and over 300 units were deployed on Election Day itself to transmit live coverage. Around 100 LiveU units were also used to cover the devastation caused by Hurricane Sandy. LiveU's flagship LU70 product is the industry's first bonded 3G/4G LTE backpack. Together with the latest addition of its handheld, lightweight LU40 device, LiveU offers a range of solutions with proprietary RF technology for superior resiliency, up to 1080 HD video and low latency for a satellite-like experience.