Vidyo Raises $15 Million to Accelerate Growth in Vertical Markets

Vidyo CEO Eran Westman

HD video conferencing platform provider Vidyohas secured $15 million in a follow-up round of funding.

Kaiser Permanente Ventures provided $10 million during the funding round, and other investors contributed $5 million.

In addition, Vidyo said it has raised $163 million in total financing to date.

So what does the additional funding mean for Vidyo and its customers? Vidyo noted it will use the funding to accelerate its growth in vertical markets.

“The VidyoWorks platform and APIs have been deployed by the top names in healthcare and the quality and experience delivered have played a key role in advancing the use of telemedicine across hospital systems and to patient homes,” Vidyo CEO Eran Westman said in a prepared statement. “Vidyo is proud to deliver innovative healthcare solutions, and to work with a large ecosystem of partners to transform healthcare with new applications and integrations.”

Millions of customers worldwide currently use Vidyo’s cloud-based services, and the new funding could help Vidyo capitalize on a rapidly expanding video conferencing services market as well.

A recent Global Industry Analysts (GIA) report revealed the cloud-based video conferencing services market could be worth $2.9 billion by 2020.

The report also showed there is increasing use of video conferencing in the government, healthcare and education sectors that could drive the market’s growth over the next few years.