Vidyo, Inc., today announced a $17.1 million round of financing, bringing the total amount of net capital raised by the company to $116 million since its founding in 2005. The financing was facilitated by strong support from inside investors and the addition of several new investors. Vidyo will use this funding and increased access to capital to accelerate its fast growing sales, expand global market share and broaden the adoption of its unique software based, VidyoWorks platform.
“Vidyo has proven itself as an innovator in the video conferencing market and has sparked the mass adoption of its technology, which is changing the landscape of visual communications,” said Dain DeGroff, co-founding Managing Director, Triangle Peak Partners, the lead new investor. “We are delighted to be a part of Vidyo’s successful growth.”
In 2012, Vidyo saw 68% year over year billings growth and unlocked several high-profile market segments including 77% year-over-year growth in healthcare and education and 67% growth in the large enterprise business. Vidyo currently has 27 patents issued and 57 patents pending, for its award winning architecture.
“We are experiencing a hockey stick effect in the adoption of the personal video conferencing market that continues to drive significant growth for Vidyo,” said Ofer Shapiro, Vidyo’s CEO and Co-Founder. “Our customers are expanding their deployments with us at an amazing rate of 18% per quarter on an average dollar basis. We will use these funds to support this growth and accelerate new customer wins.”
Vidyo has been widely recognized for its success and has been honored with high profile awards such as Wall Street Journal’s ‘Next Big Thing’ annual list for a third year in a row, recognized by the World Economic Forum as a Tech Pioneer for 2013, and was cited on the MIT Technology Review’s 2013 “50 Most Disruptive Companies”.