Lifesize has confirmed that it has split from Logitech and is operating as a fully independent company. Backed by $17.5 million in funding from three prominent Silicon Valley venture firms – Redpoint Ventures, Sutter Hill Ventures and Meritech Capital Partners – the company is focused on winning new customers as a high-growth cloud-based video collaboration and meeting platform company, and tackling the $7 billion global conferencing market head-on. Logitech will retain a meaningful interest in Lifesize moving forward.
“No other company in the industry has Lifesize’s global distribution, channel relationships and unrivaled product differentiation,” said Jeff Brody, partner at Redpoint Ventures. “It is obvious to us that the enterprise-grade reliability coupled with its unique hardware advantage will keep fueling the company’s remarkable growth. Redpoint has backed Craig in each of his last three ventures where he has pioneered every new and disruptive innovation in video collaboration. We are excited to support him once again in leading this next wave of cloud-based collaboration.”
Lifesize plans to use this infusion of capital to:
•Drive accelerated demand generation and customer acquisition
•Invest in engineering headcount to bolster its leadership position with its integrated SaaS-based software and hardware technology
•Further strengthen the alignment of its brand and the marketing leadership of its cloud-based services
“This is an exciting step for Lifesize and is the result of the tremendous work we have done to create a unique offering in the video conferencing and collaboration space,” said Craig Malloy, CEO and founder of Lifesize. “We have a 12-year heritage of leadership and industry innovation and a strong executive team in place. Standing as an independent company will allow us to invest more meaningfully in our product roadmap and be more responsive to the market and our customers, which puts Lifesize on a path for impressive growth and success.”
Since the launch of Lifesize Cloud, the company has added more than 2,000 paid customers – including Twilio, Survey Monkey, Omnicom Group and Evolution Gaming – to the service.
“Together with our three co-investors, we determined that the capital, SaaS industry expertise and growth-focused approach would be key ingredients to realising tremendous long-term value,” said Guerrino De Luca, Logitech chairman. “Logitech looks forward to participating in the journey.”
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