Video Publishing Platform Ooyala Raises $22 Million, Prepares For Major Asian Expansion
Advertisers are not the only ones plowing money into the online video space with gusto, you can add large, international investors to that growing list. This morning, Ooyala announced a $22 million Series D round, led by the CID Group (Shanghai-based venture capital firm) and ITOCHU Technology Ventures (venture unit of the Tokyo-based ITOCHU ). The round, which includes previous investors like Sierra Ventures and Rembrandt Venture Partners , puts the video publishing platform at $42 million raised since its 2007 launch. And according to CEO Jay Fulcher , the company is not done. In order to accommodate robust demand (the latest round was over-subscribed), Ooyala will take on additional investors later this year in a second closing. Impressive numbers but it's not just about the money. For Ooyala, saddling up with CID and ITOCHU also represents a highly strategic move, as the company tries to expand its footprint in Asia. "It was a conscious point on our part to chose investors who had great ecosystems to leverage throughout Asia," Fulcher told TechCrunch. "We are doubling down in Asia."