US-based OpenReel, a leading Remote Video Creation platform, raised US$ 19M in a Series A funding round on 18 March 2021.
Investors: The funding round was led by global software investor Five Elms Capital. Current investors of OpenReel include Las Olas Venture Capital, Alpine Meridian Ventures, Brooklyn Bridge Ventures, Forefront Ventures and WorkerBee.TV. The total funding amount raised by the company stands at US$ 23.9M to date.
Purpose of the funding: The funds will be utilized by the company for expanding its offering into the enterprise video stack and to develop its patented technology.
Founded in 2017 by Joe Mathew and Lee Firestone, OpenReel enables globally distributed remote teams to control, direct, record and collaborate on high-definition video projects. OpenReel offers a patented suite of remote video direction, capture and creation capabilities, allowing businesses to cut down on the time and resources required to conduct in-person video shoots.
Some of the features of its services are:
· Film from anywhere – Remotely control the camera on a subject’s computer, tablet, or smartphone.
· Recording in HD/4K – Capture up to 4K video locally on the device regardless of connection, unlike video conferencing platforms.
· Produce with distributed stakeholders – Replicate the collaboration, direction, and communication of an in-person video shoot virtually from over 125 countries.
What the CEO has to say: “Due to the accelerated digital transformation we’ve experienced in the past year, there has been a fundamental shift in the way enterprises are creating content. We continue to see organizations utilizing video in exciting new ways and are well-positioned to iterate on our product to meet the growing demand from the hybrid workforce of the future.” — Lee Firestone, CEO of OpenReel.
What the Investors have to say: “Five Elms loves investing in businesses that challenge the old way of doing things, an OpenReel does just that. OpenReel has proven itself as an important component of the remote technology stack, as well as a vital tool in the broader content creation toolbox, empowering enterprises to enhance their content and create more of it. Five Elms Capital is excited to partner with Lee, Joe, and their growing team as they broaden the way creatives and enterprises think about video content creation.” — Thomas Kershisnik, Five Elms Capital.
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