May 8th, 2012
Broadway bound: Elemental Technologies adds another $13 million in funding
For many, outside funding can be a vote of confidence. And if investors sinking another $13 million into Portland startup Elemental Technologies is any indication, folks are fairly confident in what Elemental is doing.
Of course, there’s reason for that confidence. Elemental boasts Comcast, Disney, and HBO as customers. And they’re recognized by many as the leader in delivering video content to multiple screens—an important consideration for many media folks given how many different screens there are these days.
The Series C funding will be used for talent and promotional efforts. Norwest Venture Partners (NVP) led the round. General Catalyst, Voyager Capital, and Steamboat Ventures also participated. This marks the second time Voyager has participated in a Portland company, this quarter. In April, Voyager led the investment in Chirpify.
“Elemental is truly humbled to have the strong support of NVP and our new Chairman as we continue to invest in the product development, sales and support required to build a world-class business,” said Sam Blackman, CEO and co-founder at Elemental. “I’m confident that together, with the continued commitment of the entire Elemental team, we’ll extend our global leadership in the video processing market.”
Mike Rogoway at The Oregonian shared that Elemental has a new office on Broadway in downtown Portland.
The new Broadway location offered another perk, according to Blackman: It’s one of the few spots in town where the city encourages, rather than discourages, bright public signs.
So he said Elemental plans to put its logo on the outside to project a powerful image to visiting customers — and to the city’s residents.
“You’ve got to cast a big shadow. And I think branding a headquarters helps with that,” Blackman said. “I want to reinforce that you can build great companies in Portland.”
Hashtags: #funding #elemental