Elemental Secures $13M to Ignite Business Expansion
Company Will Accelerate Market Share Gains and Product Development in IP Video Delivery
Portland, Ore. – May 8, 2012 – Elemental Technologies, the leading supplier of video solutions for multiscreen content delivery, today announced that it raised $13 million in Series C financing led by Norwest Venture Partners (NVP). NVP joins existing investors General Catalyst, Voyager Capital and Steamboat Ventures, who also participated in the round.
The new funding comes as Elemental invests aggressively to extend its leadership in the multiscreen content delivery market. As part of the company’s maturation, Elemental has appointed Kevin O’Hara as Chairman of the Board. O’Hara brings over 25 years of experience guiding startup companies through successful growth.
Service providers, content programmers, broadcasters, live event producers and enterprises worldwide are showing strong demand for Elemental’s disruptive video processing solutions. NVP, whose past investments include companies such as Omneon, Polycom and Rackspace, has actively partnered with entrepreneurs to build and grow more than 500 successful businesses over the past 50 years.
“Elemental’s ascendance in the IP video delivery market over the last two years has been well-documented and something we have watched closely,” said Robert Abbott, general partner at NVP. “When combined with the clear growth trajectory of the over-the-top video and TV Everywhere markets and its deep technology differentiation, we believe now is the right time to invest in Elemental.”
“Over the past 18 months, I’ve had the pleasure of working closely with the Elemental executive team as they’ve grown through the launch phase of their business,” noted Kevin O’Hara, newly-appointed Chairman. “I’m excited to expand my leadership role within an organization that puts an extreme focus on customer satisfaction and execution while keeping its eye on the long term growth of the business.”
“Elemental is truly humbled to have the strong support of NVP and our new Chairman as we continue to invest in the product development, sales and support required to build a world-class business,” said Sam Blackman, CEO and co-founder at Elemental. “I’m confident that together, with the continued commitment of the entire Elemental team, we’ll extend our global leadership in the video processing market.”
Elemental Technologies is the leading supplier of video solutions for multiscreen content delivery. Founded in 2006 and headquartered in Portland, Oregon, the company pioneered the use of graphics processors to power adaptive video streaming over IP networks. Providing unmatched solutions for top media and entertainment companies worldwide, including Comcast, Disney and HBO, Elemental helps content programmers and service providers bring video to any screen, anytime – all at once. The company has offices in the United States, the United Kingdom and Hong Kong. To learn more, please visit www.elementaltechnologies.com and follow @elementaltech on Twitter.
About Norwest Venture Partners (NVP)
Norwest Venture Partners (NVP) is a global venture and growth equity investment firm that manages more than $3.7 billion in capital. Headquartered in Palo Alto, California, NVP has subsidiaries in Mumbai and Bengaluru, India and Herzelia, Israel and Hong Kong. NVP makes early to late stage venture and growth equity investments across a wide range of sectors including: information technology, business services, financial services, infrastructure, technology enabled services and consumer. NVP has actively partnered with entrepreneurs to build great businesses for more than 50 years and has funded over 500 companies since inception. For more information visit: www.nvp.com.