Swiss provider of computer accessories Logitech has announced that its video conferencing business Lifesize has become an independent company although Logitech will keep an interest, it says.
Three venture firms from Silicon Valley Redpoint Ventures, Sutter Hill Ventures and Meritach Capital Partners have decided to inject together $17.5m in the budding company. According to Lifesize, the capital will be used to grow its customer base, expand engineering headcount and strengthen its brand in the cloud-based services segment. The new company will be led by Craig Malloy, the CEO at Lifesize.
“No other company in the industry has Lifesize’s global distribution, channel relationships and unrivalled product differentiation. It is obvious to us that the enterprise-grade reliability coupled with its unique hardware advantage will keep fuelling the company’s remarkable growth. Redpoint has backed Craig in each of his last three ventures where he 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,” says Jeff Brody, Partner at Redpoint Ventures.
“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. We have a 12-year heritage of leadership and industry innovation and a strong executive team in place. Standing as an independent will allow us to invest more meaningfully in our product roadmap and be more responsive to the market and our customers, which put Lifesize on a path for impressive growth and success,” adds Craig Malloy.