Frame.io, the collaboration platform for the video industry, has today announced the shut of a $20 million Series B funding round led by FirstMark Capital, with participation from existing investors including Accel Partner, SignalFire and Shasta Ventures.
Frame.io launched on to the scene back in March of 2015. The company solved a growing problem with a apparently obvious solution.
People who make video have a really hard time collaborating.
Take, for example, a brand that is making a TV commercial. The brand relays their vision to an advertising squad, who builds out a tale board, and then hands off the project to a production company. After the initial draft is edited, that video goes back to the advertising agency to get initial notes and feedback. After a second or third round of edits, that video goes to the brand for their thoughts.
Throughout the entire process, dozens of people are weighing in on the video. And yet, the majority of members of that communication is relaying timestamps and trying to describe your own feedback on a moving piece of content.
Frame.io lets all the people involved in the video creation, from the editors to the producers, directors, and external collaborators comment on and mark up this video, which is quickly shareable via a web link.
Founder and CEO Emery Wells says that the long-term goal is to become the Slack of video. The company currently has 370,000 users who have signed up, and has grown the team to 40 people, with $32 million in total fund. In fact, Frame.io find more than 700,000 videos uploaded each month for review.
Wells focus with Frame.io has traditionally been professional freelance video makers, people he says that are in the “business of film”. Moving forward, Frame.io wants to doubled down on these clients, developing their security tools to the point where big studios and content producers feel comfortable sharing rough cuts of popular indicates and movies on their platform.
Frame.io also has an iPhone app, which won an Apple Design Award back in 2016. Wells says it’s used on a regular basis , not by editors or videographers to upload videos but instead by producers and directors to devote feedback on the go.
In the past year, Frame.io has released a fully enterprise product that is entail for larger squads. Wells says that 70 percent of the business comes from the self-serve product, but the rest is comprised of bigger clients, including Turner Broadcasting, Vice, Spotify, Buzzfeed and Funny or Die.
The enterprise product sets a huge focus on security and identity-based access, as well as the ability for an admin to generate various groups or sub-teams that are customizable based on the project and the people involved. The enterprise product costs $25/ seat, with options for more expensive storage bargains if needed.
The funding will go towards further investment in security across the board, continued development of the product, and filling out a sales and marketing team.
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