The company pivoted its business through the combined launch of Lifesize Cloud – its cloud-based video collaboration service – and the industry’s first integrated approach to connected cameras and HD phones.
Lifesize, a global provider of video and web collaboration technology has confirmed that it has split from Logitech and is operating as a fully independent company. Backed by $17.5 million in funding from three Silicon Valley venture firms – Redpoint Ventures, Sutter Hill Ventures and Meritech Capital Partners – the company is focused on cloud-based video collaboration and meeting platform company, and tackling the $7 billion global conferencing market head-on. Logitech will retain a meaningful interest in Lifesize moving forward.
Lifesize plans to use this infusion of capital to: Drive accelerated demand generation and customer acquisition; Invest in engineering headcount to bolster its leadership position with its integrated SaaS-based software and hardware technology ; and Further strengthen the alignment of its brand and the market leadership of its cloud-based services.
The company pivoted its business through the combined launch of Lifesize Cloud – its cloud-based video collaboration service – and the industry’s first integrated approach to connected cameras and HD phones.
Lifesize’s video-based communication and collaboration technologies are unrivaled in meeting the intense demands of today’s enterprise, while remaining accessible to businesses of any size. Traditionally, enterprises had to buy separate solutions for the conference room camera, bridging equipment, video conferencing, and sharing presentations. Lifesize is the only company that combines all of those functions, and more, into one integrated service. The company’s focus remains on developing market-leading technology that delivers easy-to-use and scalable video communications to every person and every conference room in an organization. The combination of features, such as chat and recording into one application, are intuitive and custom-built to meet customer needs. Since the launch of Lifesize Cloud, the company has added more than 2,000 paid customers – including Twilio, Survey Monkey, Omnicom Group and Evolution Gaming – to the service.
“Together with our three co-investors, we determined that the capital, SaaS industry expertise and growth-focused approach would be key ingredients to realizing tremendous long-term value,” said Guerrino De Luca, Logitech chairman. “Logitech looks forward to participating in the journey.”