Mux Gets $37 Million Series C Funding
Mux, a video platform for developers, today announced the close of $37 million in Series C growth financing led by Andreessen Horowitz with participation from Cobalt and Accel. Mux will use the capital infusion to expand product, sales, and marketing teams to help more of the world’s leading companies deliver the best online video streaming experiences.
Mux claims to do "for video what Stripe does for payments - take the complexity out of a complicated technical process. Mux does this by providing an API that allows any sized development team to build high quality live and on-demand video experiences across a wide variety of devices and connections. Instead of hiring multiple, specialized developers to solve the many hurdles of streaming video, Mux makes it easy for existing teams to host, stream, and optimize the performance of videos."
This is an especially important time for online video. SoulCycle, Equinox, Robinhood, VSCO, Hopin and other companies utilize Mux to deliver content, which has been especially advantageous as streaming video consumption has skyrocketed over the last 6 months. According to Mux, social media customers saw an increase of 118% in video streaming since mid-February while fitness and health streaming surged by 162%, e-learning grew by 230% and religious streams jumped nearly 3 orders of magnitude.
"Online video is one of the things that helps the world during a pandemic. Video helps people stay connected, stay fit, and stay sane. Mux is able to power yoga classes, concerts, homeschooling curriculum, breaking news, graduation ceremonies, and more," said Mux CEO and Founder, Jon Dahl. "Online video was already growing quickly before 2020, but now more companies have been forced to reinvent the way they deliver their products, and we’re excited to be at the center of this growth."
"Mux is the clear leader in the video API space and we're excited to partner with this ambitious team as they continue to power the highest quality video streaming," said Kristina Shen, General Partner at Andreessen Horowitz. "We believe video is the future of how we'll consume and interact with both people and content, and this macro shift of COVID-19 has only accelerated this trend."
Mux allows companies to leverage an easy to use, developer-friendly API to deliver Netflix-quality videos and live streams that are playable for viewers across bandwidth speeds, screen sizes and device capabilities. That means that companies that traditionally haven’t been built for streaming can easily build their own unique, enterprise-grade video experience and shift to a streaming business model with ease. As the world quarantines, the sudden increase in streaming has forced many companies and industries to adapt and Mux is the leading tool to help them do just that.
[Editor's Note: This is a lightly edited press release.]
Company says it will use the funding to accelerate hiring and feature development
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