Conviva Raises $40M in New Funding Round
FOSTER CITY, Calif. -- Conviva, elevating the way OTT businesses use data-driven intelligence, today announced a funding round of $40M from new and existing investors. The round included new investor Future Fund with participation from existing investors NEA (New Enterprise Associates), Foundation Capital, and Time Warner Investments. The funds will support the development of new products, sales and marketing acceleration, and international expansion.
Global OTT consumption, which encompasses film and TV content delivered via the internet, has seen explosive growth in both subscribers and viewing hours. The OTT annual market opportunity exceeds $40 billion today and is growing at double-digit rates. Traditional linear TV consumption has suffered as a result, with an estimated loss of 800,000 pay-TV subscribers in Q1 2017. As people are shifting to open internet viewing across all devices, the need for new tools to measure and analyze content consumption is crucial.
Conviva's software sensors are currently deployed across 2.5 billion devices globally and measure over 1 billion streaming minutes per day of premium video content for publishers such as HBO, Sky, Turner, and more. In the past year, the company saw 80% growth in viewing minutes and expects that growth to exceed 150% in 2017.
"We have consistently been growing faster than the overall market and have developed a strong, sustainable business model," says Dr. Hui Zhang, Co-Founder and CEO of Conviva. "We are excited to close this round of funding so we can accelerate our new product offerings and our global market expansion, extending our technology and market leadership in OTT measurement and analytics."