Friday, September 25, 2015

Blue Jeans Closes $76.5 Million for Cloud Video Conferencing

Blue Jeans Network, a start-up based in Mountain View, California, secured $76.5 million in new funding for its cloud-based video collaboration services.

Blue Jeans first launched its video as a service in 2011, proving a cloud-based way to connect business video conference room systems like Cisco and Polycom with consumer desktop and mobile solutions like Skype and Google. The solution does not require video bridging hardware (MCUs).

Earlier this year, Blue Jeansreleased its second major product line, a large-scale interactive events and experience service called Blue Jeans Primetime. Blue Jeans Primetime extends Blue Jeans' interactive video conferencing with new streaming capabilities to broadcast events to a worldwide audience, and includes the unique ability for the moderator to switch participant roles between active participant and passive observer, making it possible for speakers and their audiences to interact in brand new ways.


The company cites record growth for the fourth straight year, including bookings (ARR), revenues, subscribers, meetings, minutes, participants and more. Blue Jeans said it has at least doubled, tripled, or quadrupled each of these metrics year-over-year, every year since it launched its service in 2011.  The new Blue Jeans Primetime is being used by customers for all-hands meetings, large training sessions, and marketing events. There are also new market opportunities in media, entertainment, and sports for early adopters like TED, The Sundance Film Festival, and The Players' Tribune.

The new funding was led by NEA with participation from previous investors Accel, Battery Ventures and Norwest Venture Partners, and new investors Glynn Capital, Quadrille Capital, and Derek Jeter among others. This brings the total overall financing for Blue Jeans to $175 million.

"Despite all the advances in modern technology, the human face is still the most powerful tool for business," said Krish Ramakrishnan, CEO Blue Jeans Network. "As organizations have become more geographically dispersed, the need for video has become more critical than ever to establish and maintain meaningful connections, foster empathy and understanding, and improve communications. Our customers improve their productivity, save time and money, and build better relationships with Blue Jeans. We are so proud of how far we've come in a few short years, but we are not done yet. With this investment we are fueling up our tanks and preparing to step on the gas."

https://bluejeans.com/press-releases/blue-jeans-network-closes-investment-to-fuel-global-growth-power-new-era-of-video-collaboration

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