Librestream Technologies, a company that creates mobile-video collaboration solutions, has raised $11 million in funding.
The round for the Winnipeg-based company was led by Emerald Technology Ventures, a firm that invests in energy, water, advanced materials, and industrial IT, with participation from BDC Capital and other unnamed investors. Librestream said that it will use the funding to expand its sales and marketing team and accelerate its product roadmap.
“Our solution is now deployed on every continent, driving strong business outcomes for our industrial and service customers. We feel it is critical to maintain this leadership position through aggressive growth including focused partner strategies, roadmap acceleration, and international expansion,” said Kerry Thacher, president and CEO of Librestream. “Adding investors of the caliber of Emerald and BDC with their strong networks of industrial partners will help solidify our position in an exciting new market that we have been at the forefront of creating.”
Librestream creates solutions for companies in the energy, field service, manufacturing, and public sector industries. Its Onsight collaboration platform allows experts working in the field to virtually perform diagnostics and complete detailed inspections from anywhere they are.
“We invest in capital-efficient and scalable businesses that have the potential to reach and operate across a global market. Librestream fit these criteria with their proven platform that already delivers strong value to industrial enterprises,” said Geoff Catherwood, Partner at BDC Capital’s Industrial, Clean and Energy Venture Fund.
Charles Vaslet of Emerald Technology Ventures and Geoff Catherwood of BDC Capital have joined the board Librestream’s board of directors.