Livepeer has raised $20 million in a Series B expansion round, An ethereum-based decentralised video streaming platform.
Alan Howard and Tiger Global joined existing investors such as Digital Currency Group, Northzone, and Warburg Serres in the round. In this round, there was no lead investor.
Livepeer raised $20 million in Series B fundraising just five months ago, and the Series B extension round arrives just five months later. According to Livepeer’s co-founder and CEO Doug Petkanics, the current investment is also an equity round, bringing the company’s total funding to roughly $51 million.
Livepeer intends to grow its market share now that it has more cash on hand. Petkanics said the project’s Confluence scaling update, which will shift Livepeer’s core protocol from Ethereum’s base layer to the Layer 2 network Arbitrum, is set to arrive early this year. The Livepeer token (LPT) and core security mechanism will remain tethered to Ethereum as a result of this.
The scaling update “will enable cost-effective participation for our supply-side node operators and token holding delegators,” said Petkanics.
“We’ve seen strong organic growth in demand for transcoding, as well as growing awareness of the reliability, value, and efficiency of web3 infrastructure,” said Petkanics.
Livepeer intends to expand its capabilities across the media value chain in the future, including video NFT compatibility. Livepeer is a decentralised video transcoding platform that allows users to convert videos from one format to another.