Kitchener-based Vidyard secures $35 million US investment
Money from U.S.-based Battery Ventures will help fund new products
A new multi-million dollar investment in Kitchener's Vidyard will help the company create new products, including products that track the digital body language of online audiences.
The company, which specializes in video analytics software that tracks the number and length of views on online videos, announced it received nearly $50 million – $35 million US – in funding from Massachusetts-based Battery Ventures.
The funding will be used to develop new products to help their clients expand their use of video for customer engagement, track analytics and "tap into" digital body language of online audiences. Digital body language is a term used to describe how an individual uses the internet, including the emails someone opens, videos they watch and websites they visit.
"Video represents a massive opportunity for businesses to drive greater engagement with their message and to use second-by-second viewing data to understand the digital body language of potential buyers," Vidyard co-founder and CEO Michael Litt said in a press release.
As part of the deal, Michael Brown, a general partner at Battery Ventures, will join Vidyard's board of directors.
Brown said Vidyard is innovating how video is used by marketing and sales teams.
"Vidyard can help businesses realize the full potential of video, not just as a content medium, but as an incredible source of business analytics and customer insight," he said.