Toronto-based Trace has followed-up its 2.5 million seed round from late 2014 and announced a $7 million ‘B’ financing led by Salman Partners and Varo Capital. This brings the total investment into the live-streamed content platform to $10 million.
“Live-streamed content is the hottest thing in technology right now with the recent introduction of the Periscope and Meerkat Apps and growing live networks like Hang w/” said co-founder Cameron Chell. “TRACE is positioning to take live-streamed content creation to an entirely new level through allowing users to be fully in the moment as their action is captured and streamed across all of their favorite networks completely autonomously.”
Trace developed the TRACEr1, a visually intelligent “SmartCamera” that follows its owner almost anywhere and live-streaming captured footage to the web. The business was co-founded by Chell, who is also co-founder of Slyce, a Toronto-based visual product search startup, as well as the Calgary-based Business Instincts Group, a venture creation firm that features Vancouver-based UrtheCast in its portfolio.
The funding will be used to accelerate TRACE development and possibly help expand its team and technology through various strategic acquisitions.
Auto-follow accessories in development include; the FLYr1 quadcopter for aerial video capture, DRIVEr1 ATV for ground-based capture and the FOLLOWr1 Tripod Gimbal. The TRACEr1 and FOLLOWr1 are expected to see commercial availability during Fall 2015.