iSIZE Raises $ 6.3 Million in Funding Led by Octopus Ventures | London Business News
iSIZE, a tech company that applies deep learning to optimize streaming and video delivery, today announces that it has raised additional funding of $ 6.3 million to make streaming more environmentally friendly. environment without reducing quality.
The round was led by Octopus Ventures, with participation from existing investors including TD Veen and Patrick Pichette, president of Twitter and former chief financial officer of Google. This brings the total funding raised by the company to $ 8.2 million.
The amount of video being posted on the internet is at an all time high, a trend that has been accelerated by the pandemic and the shift to working from home. At the same time, streaming and content companies are facing pressure from users and advertisers to deliver ever increasing video quality. With forecasts predicting that video will reach 82% of total global internet traffic by 2022, there is also growing awareness of its carbon footprint, with research indicating that it already contributes more than 1% of global emissions. .
As a result, streaming and content providers are increasingly turning to technology to meet the challenge of delivering a high-quality, reliable experience while managing the associated financial and environmental costs.
To help solve this problem, iSIZE has developed deep learning solutions that optimize the quality of video streaming while reducing the bit rate requirements, allowing a significant reduction in data and power consumption.
The potential impact of its technology is huge and iSIZE has already caught the attention of some of the biggest tech companies in the world to whom they have already licensed their BitSave technology.
Based in London, iSIZE was founded by Sergio Grce and Dr Yiannis Andreopoulos who saw an opportunity to address the challenges caused by the explosion of video streaming. The founding team combines many years of research in machine learning, neural networks and video signal processing, as evidenced by dozens of research publications. The company is also a graduate of the Creative Destruction Lab Oxford 2019-2020 program where it received guidance and investment from expert mentors.
iSIZE intends to use the funds raised to accelerate its traction in the United States and to further strengthen its technical team and patent portfolio to continue to improve the results and innovations it offers to its clients.
Sergio Grce, Founder and CEO of iSIZE, said: âToday more people are streaming more videos than ever before. Our customers recognize both the business opportunity and their social responsibility to optimize their video delivery pipelines with our pioneering technology. We are thrilled to partner with Octopus Ventures to tap into their network and expertise in building world-changing businesses. “
Simon King, Partner and Deep Technology Investor at Octopus Ventures, said, âThe technology created by iSIZE is pioneering and is already being used by some of the world’s largest companies to reduce the costs and energy used in streaming. Consumer demand for high quality video will only increase as our devices are upgraded, so it’s critical that we find new ways to reduce the environmental impact. We are very familiar with this space having been an investor in Magic Pony and Sergio is one of those visionary founders who we think can build something really special.
ISIZE’s flagship product is an AI-trained deep perceptual optimizer trained to “ see with the human eye ” to optimize video quality and achieve significant throughput savings. Its technology has applications across VoD, live streaming, gaming and IoT and attaches to the existing conventional video streaming pipeline while integrating with all video encoding standards (including AVC, HEVC and AV1) – all without requiring changes to the streaming process or end-user devices. This enables its customers to improve the end-user experience and reduce costs without breaking standards and with minimal deployment risk.