Streaming tech company Genvid Technologies raised $27 million in a Series B funding round. This brings its total amount raised to $47 million, according to Crunchbase.
Genvid’s software development kit enables streaming platforms to monetize through sponsorships and in-stream purchases. Developers can build interactivity across multiple streaming platforms such as YouTube and online games on multiple infrastructures such as AWS and Microsoft Azure.
To date, much of the startup’s business efforts have focused on the game industry, but the company plans to use some of the proceeds from its latest funding round to further expand its streaming video business.
The New York-based company was founded in 2016, and it says its tech stack has already been used to power the latest Counter-Strike: Global Offensive finals on Twitch and for various 5G showcases for Japan's NTT Docomo.
"We are already the standard toolkit for developers looking to bring rich, two-way, realtime interactivity to their games and broadcast," said Genvid CEO Jacob Navok, in a prepared statement. "Our core tools will continue to improve as new features are added to take advantage of 5G, growth in interactive television, and to support the many new digital media formats being created by independent developers in partnership with Genvid."
Leading its Series B round is New York's Galaxy Interactive, the division of merchant bank Galaxy Digital that focuses exclusively on the interactive content and technology space. Sam Englebardt, head of Galaxy Interactive, will join Genvid's board.
All of Genvid's existing investors — March Capital Partners, OCA Ventures, Makers Fund and Horizons Ventures, also joined in the B round — along with additional new investments from Valor Equity Partners and K5 Global.
"The media industry has spent most of the last decade focused on shifting content online and figuring out how to charge for it," said Genvid investor Matthew Ball in a prepared statement. "The next decade will be about reinventing this content and creating brand new formats native to digital delivery. Interactivity will be at the core of this opportunity."
Genvid also announced the establishment of its European office in Berlin for business development and technical support and its live operations office in Irvine, California, to oversee infrastructure for clients. The company has over 50 employees in six offices worldwide, including New York, Montreal, Santa Monica, Irvine, Berlin and Tokyo.