Skyfire, the mobile video and cloud solutions company, has raised $10 million in series D financing to help it expand into Europe and Asia.
The round was led by Panorama Capital, a new investor in the company and other participants included current Skyfire investors Matrix Partners, Trinity Ventures, Verizon Ventures and Lightspeed Venture Partners.
Skyfire says that the cash will help to meet the demands of its growing list of wireless operator customers as well as increasing global sales and marketing resources.
The company is planning to scale its team and hire staff to cover existing relationships and new opportunities in Eastern Europe, Japan, Southeast Asia and Australia, adding to its existing offices in London and Silicon Valley.
Planning for ‘mobile warming’
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Skyfire acknowledges that there is going to be an increasing strain on mobile networks as more users arrive and demand more data. The company’s CEO Jeff Glueck has labelled this ‘mobile warming’ and has pushed for Skyfire to address this issue with products like Skyfire Rocket Optimizer.
With the aim of creating bandwidth savings, Skyfire Rocket Optimizer is a carrier-grade network video and data optimisation platform. So far the company has logged 60% savings on video and 50% on images for wireless operators.
“Data deluge is crushing mobile operators, straining the user experience, and squeezing operating margins,” says Jeff Glueck, CEO of Skyfire. “Operators in Europe have announced that bandwidth on 4G LTE networks is being filled 85% by video alone. Our new funding lets Skyfire take our proven technology in North America to new regions on a global scale.”
Skyfire uses cloud computing to improve mobile Internet experience for operators and consumers. The company’s apps have seen more than 16 million downloads to date.
In 2010 the company saw extraordinary traffic with the launch of one of the first applications that would play Flash on iOS devices. Back then the Skyfire app converted Flash into HTML5 to play on the iPhone and iPad.
Since then the company as continued to push video consumption innovation with the release of recommendations via its apps and support for multiple accounts on the iPad.
Image Credit: Dr Stephen Dann
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