Genvid Technologies has raised $10 million in funding for its interactive streaming engine. The money came from Horizons Ventures, the private investment arm of Hong Kong business magnate Li Ka-shing.
The interactive streaming engine enables customers to monetize livestreams through sponsorships and in-stream purchases. Genvid CEO Jacob Navok said in an interview with GamesBeat that the company will use the funds to try to triple the company’s growth in the next couple of years.
New York-based Genvid uses its cloud streaming technology to create new kinds of services, such as interactive streams for esports tournaments that are broadcast to platforms such as Twitch, YouTube, and others. It can, for instance, enable viewers to spectate an esports match where they can change which esports athlete they are following on the fly. Advertisers can also show unique ads to the viewers based on the viewers’ likes.
“Our earliest business to take off will be the esports tournament business,” Navok said. “We have a series of esports tournaments coming that our customers will announce.”
Genvid will specifically use the money to grow its current stack of technologies as well as build new media, bespoke offerings and platform teams. Furthermore, the company will continue its international and vertical expansions, moving beyond esports into mobile, arcade and VR gaming across the U.S., European Union, Japan and China, as well as new opportunities in real sports and the wider media.
“Customer interest in our solutions is growing…