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Conviva Takes $40M in Funding, Plans Product and Sales Expansions

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Video optimization company Conviva announced it has raised $40 million in funding from new and previous investors. Future Fund, a new investor, took part, as did existing investors New Enterprise Associates (NEA), Foundation Capital, and Time Warner Investments. This is the company's sixth funding round, and it has raised $112 million in total.

Conviva has a variety of goals for the new funds, including developing new products, spurring sales and marketing efforts, and expanding internationally.

“We have consistently been growing faster than the overall market and have developed a strong, sustainable business model,” says Dr. Hui Zhang, co-founder and CEO of Conviva. “We are excited to close this round of funding so we can accelerate our new product offerings and our global market expansion, extending our technology and market leadership in OTT measurement and analytics.”

Product development will include speeding the creation of new platform abilities, creating new applications, and integrating Conviva's services with those of other data-driven companies. As streaming TV grows in importance, investor NEA sees big things for Conviva:

“NEA has been part of the Conviva team from day one and we are excited to see the company grow and achieve such great success,” says Pete Sonsini, general partner and head of enterprise investing for NEA. “As the way people consume content continues to evolve, we believe Conviva will be a foundational element of measurement and analytics for the next generation of TV.”

Industry analyst Dan Rayburn says Conviva took in $70 million in revenue in 2016, and is working to take in over $100 million this year, a figure he characterizes as "aggressive." He reports that this funding will be used for artificial intelligence development, which should help Conviva stand apart from the competition as online video measurement systems mature. Conviva has over 200 video publisher customers including HBO, Sky, and Turner.

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