In an event in New Delhi, Lifesize has confirmed that they separated from Logitech and from now onwards Lifesize is an fully independent company. The company is backed by US $17.5 million in funding from three prominent Silicon Valley Venture firms and from now onwards the company is focused on winning new customers. If you do not know, Lifesize is an award-winning video & web collaboration technology.
Commenting on the announcement Jeff Brody, partner at Redpoint Ventures, said:
“No other company in the industry has Lifesize’s global distribution, channel relationships and unrivaled product differentiation. It is obvious to us that the enterprise-grade reliability coupled with its unique hardware advantage will keep fueling the company’s remarkable growth. Redpoint has backed Craig in each of his last three ventures where he has pioneered every new and disruptive innovation in video collaboration. We are excited to support him once again in leading this next wave of cloud-based collaboration.”
Adding further, Craig Malloy, CEO and founder of Lifesize, said:
“This is an exciting step for Lifesize and is the result of the tremendous work we have done to create a unique offering in the video conferencing and collaboration space. We have a 12-year heritage of leadership and industry innovation and a strong executive team in place. Standing as an independent company will allow us to invest more meaningfully in our product roadmap and be more responsive to the market and our customers, which puts Lifesize on a path for impressive growth and success.”
Guerrino De Luca, Logitech chairman, said:
“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. Logitech looks forward to participating in the journey.”
According to a press note, 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 is the only company which combines needed functions 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.
Lifesize plans to use the funding in following ways:
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
Further strengthen the alignment of its brand and the market leadership of its cloud-based services
