Los Angeles-based live streaming platform LiveControl has raised $ 30 million in Series A financing.
Led by Coatue, the round also featured the participation of existing investors First Round Capital, Box Group, Susa Ventures and TriplePoint.
According to TechCrunch, which first reported The news, the round brings LiveControl’s total funding to $ 33 million, following an initial round of $ 3.2 million in August 2020.
LiveControl’s Series A announcement comes amid an investment frenzy in the virtual concert industry this year, catalyzed by the pause of live music during the pandemic.
Last week, for example, US-based virtual concert startup Flymachine, which claims to offer “a one-of-a-kind immersive social experience,” raised $ 21 million in new funding, backed by heavyweights. Of the music industry as Red Light. Management founder Coran Capshaw and Wasserman Music managing executive Marty Diamond.
Other live streaming platforms making headlines this year include Mandolin ($ 12 million Series A), DREAMSTAGE (Deezer’s secured strategic investment), Scooter Braun-backed Moment House, and Veeps, which sold a minority stake to Live Nation.
TechCrunch It reports that LiveControl technology has already been used in “hundreds” of places in the US.
In a blog post In announcing the news, the company’s co-founder and CEO Patrick Coyne writes that it took his team “years of iterative development” to bring the company’s technology to the point where it is now.
“We wanted to understand all the extreme cases of what might come up during remote video production at scale,” he writes. But we did. And the result is amazing. “
According to Coyne, “It takes less than an hour to set up LiveControl in a new environment.”
“Despite our exciting progress, our team believes that we have only begun to scratch the surface of what our system is capable of.”
Patrick Coyne, LiveControl
He added: “Despite our exciting progress, our team believes that we have only begun to scratch the surface of what our system is capable of.
“We are automating the many tedious parts of video production; allowing our camera operators to focus on the truly creative aspects that only humans can achieve. “Music business around the world