The funding will be used to speed up product manufacturing to meet increased demand, to grow the team, and increase its footprints in international market in the year 2019 and beyond.
The video conferencing company Owl Labs has reportedly announced that it has raised $15 million in a Series B investment round. The Spark Capital led the funding round and the existing investors Playground Global and Matrix Partners participated in the round as well.
According to the press release by Owl Labs, the company had an outstanding year with 10 times increase in customers and 8 times increase in terms of revenue. The company will be able to maintain its momentum and innovate new solutions for changing workforce, with the help of latest funding. The funding will be used to speed up manufacturing of the products to meet increased demand, to grow the team, and increase its footprints in international market in the year 2019 and beyond.
Reportedly, Owl Labs aims to develop collaboration across an increasingly distributed workforce and increase the productivity. There have been no signs of slowing down with growth in remote network. The smart technology will lead the company to long term success and drive productivity of the changing workforce.
There are many exclusive hardware or software video conferencing products. But the Meeting Owl, a smart 360° conferencing camera created by Owl Labs, has bridged the gap. The product offers hybrid teams with all-in-one, platform agnostic solution and makes the remote meeting experience to feel like sitting in the room.
The customers have used the Meeting Owl with platforms like Google Hangouts, Microsoft Teams, and Zoom in 2018 to conduct more than 450,000 meetings. Owl Labs has projected that 10 million Meeting Owl meetings will be conducted in the year 2020. It expects over 20 times usage growth in the next two years.
The latest investment round has raised the total funding of Owl Labs to $22.3 million to date. Matrix Partners and Playground Global had invested in Owl Labs earlier as well.