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September 23, 2015
Cloud-based video collaboration service provider Blue Jeans Network received $76.5 million in new funding this week, as the company looks to deliver its solutions to new markets and drive product development.
The latest round of funding will help Blue Jeans Network expand its cloud-based services to customers in Europe, Asia and Australia, according to the announcement. The company, which was founded in 2011, has raised $175 million to date.
“Despite all the advances in modern technology, the human face is still the most powerful tool for business,” said Krish Ramakrishnan, CEO of Blue Jeans Network, in a statement. “With this investment we are fueling up our tanks and preparing to step on the gas to take on and dominate the video collaboration market across the globe.”
Blue Jeans also reported record growth across all of its business metrics for the fourth consecutive year, including bookings, revenue, subscribers and more.
Venture capital firm New Enterprise Associates (NEA) led this round of funding, with additional investments from Accel, Battery Ventures and former Yankees captain Derek Jeter. Jeter reportedly invested in the company after testing Blue Jeans Primetime, a solution designed for interactive streaming capabilities, according to CMSWire.
“We are very excited to lead this round,” said Jon Sakoda, general partner at NEA. “Blue Jeans made the right bet five years ago, predicting the ultimate convergence of cloud, video, and mobile would blow the collaboration market wide open. They’ve executed tremendously well, delivering growth that ranks them among the fastest growing SaaS companies in history and are continuing to disrupt the market incumbents with innovative new products and services.”
Associate Editor, Penton Technology Group, Channel
Michael Cusanelli is the associate editor for Penton Technology’s channel properties, including The VAR Guy, MSPmentor and Talkin' Cloud. He has written articles and produced video for Newsday.com and is a graduate of Stony Brook University's School of Journalism in New York. In his spare time Michael likes to play video games, watch sci-fi movies and participate in all things nerdy. He can be reached at [email protected]
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