- Investment will enable iSIZE to accelerate its traction and to continue strengthening its technical team and patent portfolio
- iSIZE has already secured licensing agreements with leading technology and streaming companies
iSIZE today announces that it has raised a further $6.3 million in funding as it seeks to make streaming more environmentally friendly without reducing quality.
The round was led by Octopus Ventures, with participation from existing investors including TD Veen and Patrick Pichette, Chairman of Twitter and ex-CFO of Google. This brings the total funding raised by the company to $8.2 million.
The amount of video streamed over the internet is at all-time high, a trend which has been accelerated by the pandemic and the shift to working from home. At the same time, streaming and content companies are facing pressure from users and advertizers to deliver ever-increasing video quality. With forecasts projecting video to reach 82% of total global internet traffic by 2022, there is also growing awareness of its carbon footprint, with research indicating that it already contributes to more than 1% of global emissions.
As a result, streaming and content providers are increasingly turning to technology to address the challenge of delivering a reliable and high-quality experience while managing the financial and environmental costs of doing so.
To help solve this problem, iSIZE has pioneered deep-learning solutions that optimize video streaming quality while reducing bitrate requirements, allowing for a significant reduction in data and energy consumption.
The potential impact of its technology is huge and iSIZE has already attracted attention from some of the world’s largest technology companies to whom they already licensed their BitSave technology.
Headquartered in London, iSIZE was founded by Sergio Grce and Dr. Yiannis Andreopoulos who saw an opportunity to tackle the challenges caused by the explosion of video streaming. The founding team combines many years of research in machine learning, neural networks and video signal processing, evidenced by dozens of research publications. The company is also a graduate of the Creative Destruction Lab Oxford 2019-2020 programme where it received advice and investment from expert mentors.
iSIZE intends to use the funding raised to accelerate its traction in the U.S and to further strengthen its technical team and patent portfolio to continue improving the results and innovations it delivers to its customers.
Sergio Grce, Founder and CEO of iSIZE, commented: “Today there are more people streaming more video than ever before. Our customers recognize both the commercial opportunity and their social responsibility to optimize their video delivery pipelines with our pioneering technology. We are excited to partner with Octopus Ventures to tap into their network and expertize in building world-changing companies.”
Simon King, Partner and deep tech investor at Octopus Ventures, said: “The technology iSIZE has created is pioneering and is already being used by some of the world’s largest companies to reduce the costs and energy used in streaming. Consumer demand for high quality video is only going to increase as our devices are upgraded, so it’s vital that we find new ways to reduce the environmental impact. We are very familiar with this space having been an investor in Magic Pony and Sergio is one of those visionary founders who we believe can build something truly special.”
iSIZE’s leading product is a proprietary AI-trained, deep perceptual optimizer that is trained to ‘see with the human eye’ in order to optimize video quality and deliver significant bitrate savings. Its technology has applications across VoD, live streaming, gaming and IoT and bolts-on to the existing conventional video delivery pipeline while integrating with all video encoding standards (including AVC, HEVC and AV1) – all without requiring changes to the streaming process or to end-users’ devices. This allows its customers to improve the end-user experience and reduce costs without breaking standards and with minimal deployment risk.