Video is the core entertainment medium of the web. Platforms like YouTube, Twitch, Netflix and more deliver millions of hours of videos to hungry consumers every day, and those deliveries will only intensify as video games move increasingly to streaming models.
Yet, delivering all of that content remains an expensive and challenging endeavor. The largest platforms employ hundreds of video-encoding specialist engineers to optimize the transcoding and delivery costs of their product, while also paying millions either for their own cloud infrastructure or to AWS or Google Cloud. Yet, few affordable options exist for startups — such as live-streaming apps like Houseparty (which was bought last week by Epic Games) — or even for large enterprises with streaming needs but without access to specialized hardware.
That’s where Livepeer comes in. The brainchild of multi-time founder duo Doug Petkanics and Eric Tang, Livepeer offers a decentralized platform for video encoding centered on the Ethereum network. Its early success has attracted the attention of media VCs, and the company announced today that it has raised an $8 million Series A venture capital round led by Northzone. Houseparty founder Ben Rubin joined the round as well, and video infrastructure behemoth Brightcove’s former CEO David Mendels also joined as an advisor to the company.