Blockchain-Powered Video Streaming Platform Livepeer Raises $8M USD In Series A Funding

Blockchain, News | June 20, 2019 By:

Blockchain-based decentralized video streaming startup Livepeer has raised $8 million in a Series A capital funding round led by Northzone. Digital Currency Group, Libertus, Collaborative Fund, Notation Capital, Compound, North Island, Coinfund, and StakeZer also participated in the round.

Livepeer describes itself as an open source video infrastructure service built on the ethereum blockchain. It was built with the goal of providing a decentralized, affordable, and reliable video encoding to enable new use cases and business models. Token holders are reportedly able to bond their token towards a Transcoder to perform work on their behalf and earn newly minted token and fees.

In the year since launching the Livepeer protocol on mainnet, the company claims that thousands of users have participated in securing and operating the protocol, over 30 infrastructure operators have run live on the network, and over 100 events have been streamed using Livepeer’s technology.

The latest funding will be used to support the further development of the Livepeer protocol, network, software and ecosystem to further adoption.

“We’re excited that this new capital will enable Livepeer to productize this technology and drive adoption amongst not only apps and DApps, but scaled video-enabled businesses and enterprises as well,” Livepeer co-founder Doug Petkanics.

The company also announced plans to develop products that will get video flowing into the network, starting with plugins that enable existing transcoding services and media servers to run Livepeer under the hood, increase their revenue, and reduce capital expenditure.

“With plugins to their existing workflows, existing video platforms and applications can capture a piece of the infrastructure spend that would have gone to Amazon or Google, and drive many existing customers on to the network,” Petkanics said.