London tech firm raises $6.3m funding to combat environmental impact of video streaming
A deep-tech company has announced that it has raised $6.3m funding to tackle the environmental impact of content streaming.
iSIZE, based in London, has raised the funding through a round led by Octopus Ventures, with participation from existing investors including TD Veen and Patrick Pichette, chairman of Twitter.
The round brings the total funding raised by the company to $8.2m, which it plans to use to make streaming more environmentally friendly without reducing quality.
This comes after research that estimates that streaming currently contributes to more than 1 per cent of global emissions.
iSIZE has created deep-learning solutions that optimise video streaming quality while reducing bitrate requirements, allowing for a reduction in data and energy consumption.
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.”
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