Internet video start-up Veodia said Monday that it raised $8.3 million in a first round of funding from Clearstone Venture Partners and the D.E. Shaw group, among others. The San Mateo, Calif.-based company said it plans to use the money to build up its software-as-a-service video technology and to hire new executives, which recently include former SAP technologist Etay Gafni.
Launched in 2007, Veodia sells software that lets universities, businesses, and individuals create video recordings with one click from a Web browser, eliminating many of the hassles associated with processing video online. Stanford University's Humanities Lab uses Veodia to stream video lectures into Second Life, and Frog Design, a popular branding company in Silicon Valley, uses it to broadcast its speaker series on-demand from the Web.
Anil Patel, a principal with Clearstone Venture Partners, said that Veodia is catering to a promising market. "We invested in Veodia because we believe that video in the workplace is going to fundamentally change the way businesses interact with their customers, partners, and employees," Patel said in a statement.