The amount of video streamed over the internet is at an all-time high right now. The trend has been accelerated further during the pandemic that triggered the work from home trend. At the same time, this has put immense pressure on the streaming and content companies as they need to deliver superior video quality. There are forecasts estimate that video streaming will account for 82% of total global internet traffic by 2022. Furthermore, video streaming is said to contribute to more than 1% of global emissions.
This is where content providers are turning to technology to address the challenge of delivering a reliable and high-quality experience while managing the financial and environmental costs of doing so. To help solve this problem, London-based startup iSIZE has pioneered deep-learning solutions that optimise video streaming quality while reducing bitrate requirements, allowing for a significant reduction in data and energy consumption.
Now, iSIZE has bagged $6.3 million (nearly £4.5 million) in a funding round led by Octopus Ventures. Existing investors including TD Veen and Patrick Pichette, Chairman of Twitter and ex-CFO of Google also participated in the round.
Eyes to accelerate growth in the US
With this investment, the total funding raised by the company accounts for $8.2 million (nearly £5.9 million). iSIZE seeks to make video streaming more environment-friendly sans reducing quality. Furthermore, the company intends to use the funds to accelerate its traction in the US and further strengthen its technical team. Also, the deep tech company will focus on its patent portfolio to improve the results and innovations it delivers to its customers.
Sergio Grce, Founder and CEO of iSIZE, commented: “Today there are more people streaming more video than ever before. Our customers recognise both the commercial opportunity and their social responsibility to optimise their video delivery pipelines with our pioneering technology. We are excited to partner with Octopus Ventures to tap into their network and expertise in building world-changing companies.”
Simon King, Partner and deep tech investor at Octopus Ventures, said: “The technology iSIZE has created is pioneering and is already being used by some of the world’s largest companies to reduce the costs and energy used in streaming. Consumer demand for high-quality video is only going to increase as our devices are upgraded, so it’s vital that we find new ways to reduce the environmental impact. We are very familiar with this space having been an investor in Magic Pony and Sergio is one of those visionary founders who we believe can build something truly special.”
Founded by Sergio Grce and Dr. Yiannis Andreopoulos in 2016, iSIZE’s technology has a potential impact in reducing the environmental impact caused by video streaming. It has already attracted attention from some of the world’s largest technology companies to whom they already licensed their BitSave technology.
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