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May 8, 2012 08:58 am GMT
Elemental Technologies, which builds encoding software used by some of the largest video providers in the world, raised $13 million in a Series C round of funding led by Norwest Venture Partners, which also includes existing investors General Catalyst, Voyager Capital, and Steamboat Ventures. The Portland, Ore.-based startup has now raised a total of roughly $30 million. Along with the funding, Elemental has also named Kevin OHara as its Chairman of the Board, replacing founder Sam Blackman, who will remain CEO.The funding will be used primarily to promote global expansion, as the encoding vendor extends beyond its home market in the U.S. and attempts to tap into worldwide adoption of online video. Elemental opened a London office last summer to support its growing business in Western Europe, which now accounts for about 20 percent of all sales. It also opened an office in Hong Kong to tackle the Asia-Pacific market. Altogether, Elemental now has 70 employees worldwide.
Original Link: http://feedproxy.google.com/~r/Techcrunch/~3/MN_JcWeK7Rk/
Aiming For Global Expansion, Elemental Technologies Raises $13M In Round Led By Norwest
Elemental Technologies, which builds encoding software used by some of the largest video providers in the world, raised $13 million in a Series C round of funding led by Norwest Venture Partners, which also includes existing investors General Catalyst, Voyager Capital, and Steamboat Ventures. The Portland, Ore.-based startup has now raised a total of roughly $30 million. Along with the funding, Elemental has also named Kevin OHara as its Chairman of the Board, replacing founder Sam Blackman, who will remain CEO.The funding will be used primarily to promote global expansion, as the encoding vendor extends beyond its home market in the U.S. and attempts to tap into worldwide adoption of online video. Elemental opened a London office last summer to support its growing business in Western Europe, which now accounts for about 20 percent of all sales. It also opened an office in Hong Kong to tackle the Asia-Pacific market. Altogether, Elemental now has 70 employees worldwide.Original Link: http://feedproxy.google.com/~r/Techcrunch/~3/MN_JcWeK7Rk/
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