22 Feb Vidyard Raises $35 Million to Expand Video Analytics Technology
KITCHENER, Ontario–(BUSINESS WIRE)–Vidyard, the video platform that helps businesses turn viewers into customers, today announced it has closed a $35 million (USD) Series C financing led by Battery Ventures with participation from existing investors Bessemer Venture Partners, Salesforce Ventures, OMERS Ventures, iNovia Capital and SoftTech VC. The company will use the funds to develop new products to help businesses expand their use of video for customer engagement and tap into the digital body language of online audiences.
Video is one of the hottest trends in digital marketing, now accounting for 64 percent of all Internet traffic. Cisco predicts that number to rise to 80 percent by 2019. In April, Facebook shared that more than 4 billion videos were played each day on its platform alone, and by September that number had doubled to 8 billion. In B2B markets, over 90 percent of businesses say video is becoming more important, 69 percent are increasing investments in video this year, and 80 percent are now dedicating in-house resources to video production. Vidyard – whose video platform helps marketing and sales teams boost engagement in their video content, track individual viewing activities, and report on video ROI – saw exponential growth in market demand and utilization of its platform in 2015.
“Video is revolutionizing marketing, and Vidyard is clearly innovating in this space,” said Michael Brown, general partner at Battery Ventures. “We’re convinced that video will not only grow as a strategic platform for marketing and sales, but also as a critical solution for other business functions across every industry. Vidyard can help businesses realize the full potential of video, not just as a content medium, but as an incredible source of business analytics and customer insight.”
Brown will join Vidyard’s board of directors.
Customer Success Fuels Growth of Video Platform Market
In 2015, for the second year in a row, Vidyard’s revenue tripled and its number of employees doubled. Participation in its annual Space Camp video marketing summit tripled year-over-year, and its growing base of customers now includes:
- 24 of the top 100 global software companies (source)
- More than 500 businesses using video analytics within marketing automation and sales clouds
- Global leaders, including Honeywell, Lenovo, LinkedIn, Cision, TD Ameritrade, BMC Software, Citibank and MongoDB
“Video represents a massive opportunity for businesses to drive greater engagement with their message and to use second-by-second viewing data to understand the digital body language of potential buyers,” said Michael Litt, CEO and co-founder of Vidyard. “We’re excited to help our customers expand their use of video content and analytics across every facet of their businesses, and we’re thrilled by the results they’re seeing every day in the field.”
Vidyard customers have now used video content and viewer engagement data to:
- Identify more than 35 million new business leads
- Tap into the digital body language of more than 200 million buyers
- Boost engagement in marketing and sales campaigns by more than 500 percent
“Real power in modern marketing comes from understanding digital buying signals and using them to connect with the right message at the right time,” said Meagen Eisenberg, CMO at MongoDB, a Vidyard customer. “With the ability to track, right down to the second, how long a buyer engages in a message, we can gain immediate insight into what they’re interested in and where they are in the buying journey. Using actual engagement data to detect buying signals is a very powerful concept, and one that sets the bar for where marketing is heading.”
Product Innovation Drives Video ROI
The financing comes just one year after Vidyard raised an $18 million Series B financing led by Bessemer Venture Partners. To date, Vidyard has raised more than $60 million. In addition to record growth, 2015 saw Vidyard’s acquisition of Switch Merge and expanded product offerings, including:
- Enhanced integrations with Marketo, Oracle Marketing Cloud, Act-On, Adobe Marketing Cloud, and Salesforce
- Vidyard for Sales for prospecting, educating and selling with personalized videos and video analytics
- Personalized Video for 1:1 personalization of marketing and sales videos
- Vidyard Live for live streaming with integrated viewer tracking and lead generation tools
- Vidyard for Salesforce Community Cloud for video-based collaboration and training
Vidyard joins other marketing-technology companies that Battery has funded, such as ExactTarget, Bluekai, FreeWheel, Marketo, Neolane and Omniture.*