Vancouver-based streaming tech startup Netskrt Systems has closed $10 million CAD in Series A funding.
The round, which consisted of equity financing and closed in early April, was led by Yaletown Partners, with participation from InBC Investment Corp and Credit Mutual Equity. This Series A financing brings Netskrt’s total funding to $22 million CAD.
Founded in 2017, Netskrt offers a content delivery network (CDN) for high-definition internet video streaming. A CDN is a network of distributed servers that work together to deliver web content to users based on their geographic location.
Netskrt specifically offers what it calls “edge-native” CDN, or eCDN, which it says is designed to ensure a high-quality view experience for subscribers on the “outskirts of the Internet,” meaning those who live in areas with less connectivity and reliable Internet access, such as remote and rural communities, or those travelling by air, sea, or land.
According to the startup, an eCDN allows streaming-service providers to ensure that its subscribers receive high-quality content and don’t have to suffer through low-resolution video or endless buffering.
“Netskrt’s innovations are addressing a large market demand and will benefit Canadians—and subscribers worldwide, particularly those living in remote and rural communities who are underserved by existing technology,” Leah Nguyen, chief investment officer at InBC, said in a statement.
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The startup’s eCDN is currently deployed in Canada, the United States, and the United Kingdom. Netskrt Systems targets its tech toward internet-service providers, content providers, rail operators, the air, land, and sea transportation sector, and inflight entertainment companies in the airline sector. Among its 200 customers are Greenlight Networks, Breezeline, and Metronet.
“The Netskrt eCDN uniquely enables streaming subscribers to view content at the highest quality, in locations ranging from the urban, rural, or remote neighbourhoods, to 30,000 feet in the air,” Siegfried Luft, Netskrt’s CEO and co-founder, said in a statement.
Following this round, Netskrt plans to expand its eCDN into more international markets, including in Europe and South America. The startup also plans to use the investment to target airlines and other travel industries, as well as expand its customer support, engineering, and operations.
Feature image courtesy Unsplash. Photo by Emmanuel Ikwuegbu.
