Livepeer, an Ethereum-based decentralized video encoding startup platform, has announced that it has received $8 million from a Northzone-led Series A funding round. The startup made the announcement in a Medium post published on June 17, 2019.

The Funding Round

According to the announcement, the newly acquired resources will be used by the startup to support further development of the Livepeer network, protocol, ecosystem and software to further adoption. Northzone, a venture capital firm, reportedly led the round. Northzone was also one of Spotify’s first investors.

Other reported participants in the round include Libertus, Digital Currency Group, Notation Capital, Collaborative Fund, North Island, Compound, StakeZero, Haivision and CoinFund. Ben Rubin, the founder of Houseparty, was also part of the Series A round.

From the announcement, the startup claims that since the video platform was first launched on Ethereum’s mainnet, over 100 events have already been streamed through it and that thousands of users participated in having the network secured. It also noted that it is in the process of building plugins which will allow transcoding services and media servers to run on its network.

About Livepeer

Serial entrepreneurs Eric Tang and Doug Petkanics noticed the remarkable increase of video streaming across the web and also the prohibitive costs involved in transcoding. As a result, they built a platform that links encoding providers with those people who need processing power for video services.

Livepeer operates as a “token coordinating network”. This means the company is simply a marketplace between the encoding providers- supply side- and app developers looking for video-streaming services – demand side.

The developers integrate the platform inside their apps through downloading the node, running the platform’s media server and use ethereum to fund their accounts.

Livepeer is designed for users who want to stream video, coding, gaming, educational courses and entertainment, developers interested in building applications that include live video as well as broadcasters with large audiences and high infrastructure costs and streaming bills.

Currently, there are over 30 compute power providers on the platform. Petkanics admitted to TechCrunch that those users might have been “early-adopters, philosophically-aligned crowd.”

Livepeer lowers the price for encoding by making use of idle processing power. Petkanics had stated that the system is 10 times cheaper compared to incumbent streaming providers. This is equivalent to roughly 70 cents per day for 2 streams compared to traditional streaming services’ $3 per stream per hour.

The Livepeer founders also see an additional opportunity in bootstrapping the extra GPUs capacity used by crypto miners and as a result of that they reduce costs further. Though they also stated that the newly received funds will go towards the implementation of applications outside the scope of crypto fans and this way they will be able to enter the larger market.

New participants have been offered six months for free by the company as an incentive to try the platform.

New Addition to the Company

The announcement further revealed that David Mendels, former CEO of Brightcove – an online video infrastructure giant, has joined the startup in an active advisor role.

The views and opinions expressed in the article Ethereum Blockchain-Based Decentralized Video Platform LivePeer Secures $8 Million do not reflect that of 48coins, nor of its originally published source. Article does not constitute financial advice. Kindly proceed with caution and always do your own research.

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