Lifesize Breaks Away from Logitech; Snags $17.5M in Venture Capital
Lifesize has rapidly become a popular video collaboration platform that thousands of businesses have implemented in their branch offices all around the world.
Lifesize provides award winning hardware that compliments its SaaS solution, giving end users the ability to create face to face meetings on demand from any location in the world.
Lifesize is now reporting that the platform will break away from its parent company, Logitech. In addition to the break away of the brand, Lifesize will be gaining $17.5M in venture capital from Redpoint Ventures, Sutter Hill Ventures and Meritech Capital Partners.
The extra cash will likely help Lifesize establish itself as its own company, giving them room to hire on additional talent in engineering and sales. While Lifesize will officially operate as its own entity, Logitech says that they will “Retain a meaningful interest in Lifesize moving forward.”
Lifesize has rapidly established itself in the growing $7B global teleconferencing market. In the past 18 months, Lifesize has transformed itself from being a virtually unknown product lineup into an industry leader of the video collaboration market.
We’ve written extensively about Lifesize in the past; CloudWedge has published articles discussing Lifesize Cloud and the debut of Lifesize’s Icon 400 product lineup.
“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,” says Craig Malloy, CEO and founder of Lifesize.
“We have a 12-year heritage of leadership and industry innovation and a strong executive team in place. Standing as an independent company will allow us to invest more meaningfully in our product roadmap and be more responsive to the market and our customers, which puts Lifesize on a path for impressive growth and success,” Malloy added.
