Vidyard, a video platform company founded by Waterloo Engineering alumni has announced the successful raise of $35 million (USD) in their Series C financing round today.
Led by Battery Ventures out of Boston, the Series C also includes backing from existing investors, like Bessemer Ventures who led Kitchener-based Vidyard’s Series B just last year. Adding more fuel to power the business, the company is now valued at about $350 million (USD) according to a Wall Street Journal report.
With plans to more than double their workforce, the funds will ultimately support further innovation to secure their spot as the leading video analytics and engagement platform for businesses. The company goal - help businesses expand their use of video for customer engagement and tap into the digital body language of online audiences.
Founders Michael Litt and Devon Galloway met as undergraduate students in systems design engineering at Waterloo. In their fourth year, the Capstone Design project paved the way for the creation of Vidyard.
After graduation, the founders spent the summer of 2011 at Y Combinator. Landing back in Waterloo Region, they set up shop in the Velocity Garage and have since moved through several work spaces to accommodate a rapidly growing team. With more 100 employees and aggressive growth on the horizon, Vidyard also shared news of opening a new, expansive office space in downtown Kitchener.