Video Publishing Platform Ooyala Raises $22 Million, Prepares For Major Asian Expansion
September 09, 2010 at 11:55 AM EDT
Advertisers are not the only ones plowing money into the online video space with gusto, you can add large, international investors to that growing list. This morning, Ooyala announced a $22 million Series D round, led by the CID Group (Shanghai-based venture capital firm) and ITOCHU Technology Ventures (venture unit of the Tokyo-based ITOCHU ). The round, which includes previous investors like Sierra Ventures and Rembrandt Venture Partners , puts the video publishing platform at $42 million raised since its 2007 launch. And according to CEO Jay Fulcher , the company is not done. In order to accommodate robust demand (the latest round was over-subscribed), Ooyala will take on additional investors later this year in a second closing. Impressive numbers but it's not just about the money. For Ooyala, saddling up with CID and ITOCHU also represents a highly strategic move, as the company tries to expand its footprint in Asia. "It was a conscious point on our part to chose investors who had great ecosystems to leverage throughout Asia," Fulcher told TechCrunch. "We are doubling down in Asia."