Los Angeles-based livestream platform LiveControl has raised $ 30 million in Series A funding.
The existing investors First Round Capital, Box Group, Susa Ventures and TriplePoint also took part in the round led by Coatue.
According to TechCrunch, which first covered the news, the round brings LiveControl’s total funding to $ 33 million, after a seed round of $ 3.2 million in August 2020.
LiveControl’s Series A announcement comes this year amid an investment frenzy in the virtual concert sector catalyzed by the pause in live music during the pandemic.
Just last week, for example, US-based virtual concert startup Flymachine, which claims to offer “the first immersive social experience of its kind,” raised $ 21 million in new funding, with support from music industry heavyweights like Red Light Management Founder Coran Capshaw and Wasserman Music Managing Executive Marty Diamond.
Other livestream platforms making headlines this year include Mandolin ($ 12 million).
TechCrunch reports that LiveControl technology has been used in “hundreds” of venues across the United States.
In a blog post announcing the news, the company’s co-founder and CEO Patrick Coyne wrote that it took his team “years of iterative development” to get the company’s technology to where it is now.
“We wanted to understand every borderline case of what could happen in large-scale remote video production,” he writes. “But we did it. And the result is awesome. “
“Setting up LiveControl in a new environment takes less than an hour,” said Coyne.
“Despite our exciting progress, our team believes we have only scratched the surface of what our system is capable of.”
Patrick Coyne, LiveControl
He added, “Despite our exciting progress, our team believes we have only scratched the surface of what our system is capable of.
“We automate the many tedious parts of video production; This allows our cameramen to focus on the really creative aspects that only humans can achieve. “Music business worldwide