Australian video scale-up Oovvuu has closed a second funding round, raising $4.8 million to drive its global expansion.
The company uses proprietary artificial intelligence to read publishers’ articles, watch broadcasters’ videos and match them together, with the goal of putting relevant news video in every article in the world.
Since launching in 2014, the company has partnered with 100 global broadcasters and publishers including The BBC, Reuters, Bloomberg, Agence France Presse, Associated Press and Australia’s Seven West Media.
Led by Cygnet Capital, the $4.8 million round was heavily oversubscribed and underpinned by institutional investors including Regal Funds Management.
It follows Cygnet’s initial $3.7 million investment in Oovvuu in early 2018. The Series A investment is the latest private investment by Cygnet and reinforces the group’s recent shift towards nurturing and supporting the growth of early stage, private ventures.
Oovvuu was founded by former Fairfax executives Ricky Sutton and Greg Moore with former WIN Corp CFO Ross McCreath. The company now has 20 staff in its Sydney head office as well sales staff in London, New York, Singapore, Mumbai and Istanbul.
Cygnet principal Darien Jagger said, “We are incredibly excited to have the opportunity to invest in Ricky and his team, we believe Oovvuu has developed an intuitive, cutting-edge video technology platform and we love supporting Australian-born companies that are trying to disrupt global markets.
“We believe the company’s motivation is authentic and given recent headlines, their mission definitely feels like something the world needed.”
Julian Babarczy, portfolio manager at Regal said Oovvuu represents an Australian technology company led by a focused, experienced and dynamic management team.
“Importantly, Oovvuu is building their business with a strict market focus, and solving a problem that is apparent to all in the broadcast and publishing industry, yet no-one seemed ready to solve,” Babarczy said.