Video collaboration technology provider Lifesize announced that it’s splitting from Logitech and continuing on its own, as an independent firm.
The new company has been backed by a couple of powerful venture firms, including Redpoint Ventures, Sutter Hill Ventures and Meritech Capital Partners, which have invested $17.5 million (£12.2m) into the new Lifesize.
In a press release following the announcement, it was said that Logitech will “retain a meaningful interest in Lifesize moving forward.”
The company’s focus was on business video collaboration and the cloud – combining the two to meet the demands of today’s enterprise. Lifesize was acquired by Logitech in 2009 for $405 million (£282m) in cash and was, up until now, “Lifesize, a division of Logitech”. The company was founded in 2003 by Craig Malloy and Michael Kenoyer. Its focus was on bringing face-to-face communication to large distances, through video conferencing and telepresence. It was the first company to bring HD video to the market in 2005.
“No other company in the industry has Lifesize’s global distribution, channel relationships and unrivaled product differentiation,” said Jeff Brody, partner at Redpoint Ventures. “It is obvious to us that the enterprise-grade reliability coupled with its unique hardware advantage will keep fueling the company’s remarkable growth. Redpoint has backed Craig in each of his last three ventures where he has pioneered every new and disruptive innovation in video collaboration. We are excited to support him once again in leading this next wave of cloud-based collaboration.”
The company said it will use the new capital to generate more demand, “strengthen its leadership position”, and strengthen the alignment of its brand and the marketing leadership of its cloud-based services.