Livepeer, a decentralized video streaming platform based on Ethereum (ETH), has secured another $20 million in Series B extension from new investors, including Alan Howard and Tiger Global.
The round comes five months after it raised $20 million from its primary Series B funding round. The latest fundraise also included funding from existing investors, such as Digital Currency Group, Northzone, and Warburg Serres.
Livepeer is a blockchain-based video streaming platform that aims to increase the scalability of video distribution and reduce related costs. Livepeer has issued its own utility token LPT, which was listed on Coinbase Pro, the US subsidiary of crypto exchange Coinbase, last year.
“We’ve seen strong organic growth in demand for transcoding, as well as growing awareness of the reliability, value and efficiency of web3 infrastructure,” Livepeer CEO Doug Petkanics said in a statement.
The recent round has brought the company’s total funding to date to $48 million, Livepeer said in the announcement. It now plans to expand its customer base and capture “the growing opportunities in livestreaming infrastructure” with the newly raised funds.
In addition, the company plans to implement a major scaling update called “Confluence” which will allow Livepeer to move its internal protocol from Ethereum to Layer 2 network Arbitrum. The move will result in lower expenses for node operators and token holders.
The announcement resulted in LPT token rallying to $51.54 on Wednesday. However, it didn’t manage to stay above for long and fell to $43.58 at press time.
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