Elemental Closes $13 Million Funding Round, Latest in Series of Transcoding Deals

Posted by Joe Zaller
May 08 2012

Video transcoding specialist Elemental Technologies announced that it has closed a $13m fundraising round led by Norwest Venture Partners (NVP).

This brings the total amount of funding raised by Elemental to just under $30m.  In 2010, the company closed a $7.5 funding round, led by General Catalyst, Voyager Capital and Steamboat Ventures, who also participated in this latest fundraising round.

According to a GigaOM article, five-and-a half-year-old Elemental currently has 70 employees, revenue in “the eight-digits,” and is not yet profitable.

Elemental says it will use the new funding to invest in business expansion.

“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.”

This is the latest in a series of M&A and financing activity in the transcoding space as companies try to position themselves in the multi-platform video management and delivery market.

Previous transcoding-related deals include:

 

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Related Content:

Press Release: Elemental Secures $13M to Ignite Business Expansion  

GigaOM Article:  Elemental gets $13M to sell arms in the online video fight

More Broadcast vendor M&A: Wohler Buys RadiantGrid, Latest in Series of Transcoding Deals

2010 Elemental SEC Form D Filing: – details previous funding round

More Broadcast vendor M&A: Wohler Buys RadiantGrid, Latest in Series of Transcoding Deals

Envivio Files for $85 Million Goldman Sachs Led IPO

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Elemental Technologies: SEC Filing Disclosing 2010 Fundraising Round

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