Start-up Kaltura raises $25 million
Funding round led by Asian firms valued the open-code startup at NIS 250 million.
Kaltura, a start-up that has developed an open-source platform for managing videos, said yesterday it raised $25 million from investors. The round was led by two Asian companies.
Japan's Mitsui and Orix Ventures, the American-based VC arm of a Tokyo financial services company, led the fund-raising round, where they were joined by Kaltura's existing investors. They include 406 Ventures, Intel Capital, Nexus Ventures Partners and Avalon Ventures.
The company did not say at what valuation the round was completed, but industry sources estimated it at about $250 million. Until yesterday, Kaltura had raised about $55 million and enjoys revenues in the tens of millions of dollars.
Kaltura said it will use the injection of new capital to develop new markets and recruit additional staff. It plans to hire scores of engineers and software developers for its research and development center, which employs 100.
"We are growing very quickly. There is a good chance we will reach more than $1 billion, and to get there we need to expand quickly and need more capital," said CEO and cofounder Ron Yekutiel.
Kaltura's platform enables users to upload content, convert it to different formats for end-users, manage information connected with the videos, distribute them to websites, and monetize them with advertising and video-on-demand services.
Among Kaltura's customers are HBO and Warner Brothers as media clients; the German software company SAP and Bank of America as corporate clients; and universities, including Harvard, Stanford and Princeton. All told, Kaltura services some 300,000 customers and has 40,000 registered developers.