Video and web collaboration specialist Lifesize has split from Logitech and is operating as a fully independent company backed by $17.5m in funding from three Silicon Valley venture firms, Redpoint Ventures, Sutter Hill Ventures and Meritech Capital Partners.
Lifesize is now positioned as a high-growth cloud-based video collaboration and meeting platform company with the $7bn global conferencing market squarely in its sights.
The company has undergone a business transformation to address the video collaboration and meeting platform market with the launch of Lifesize Cloud (its cloud-based video collaboration service) and an integrated approach to connected cameras and HD phones.
Craig Malloy, CEO and founder of Lifesize, stated: "Standing as an independent company will allow us to invest more meaningfully in our product roadmap and be more responsive to the market and our customers."
Logitech will retain a meaningful interest in Lifesize. Guerrino De Luca, Logitech's Chairman, added: "Together with our three co-investors we determined that the capital, SaaS industry expertise and growth-focused approach would be key ingredients to realising long-term value."
Lifesize plans to use its infusion of capital to drive demand generation and customer acquisition, invest in engineering headcount and strengthen the alignment of its brand.