With customers such as BBC and RTL, the originally Carinthian video streaming company Bitmovin is one of Austria's strongest start-ups. In 2018, the firm concluded a USD 30 million round of financing. Now it is receiving a further eight-digit capital injection in the form of a loan by the European Investment Bank (EIB). The start-up will have up to EUR 20 million at its disposal, mainly for research & development.
Bitmovin founder: accelerate research and development
"We feel very honoured to receive this EIB funding. Since founding Bitmovin, it has been our vision to shape the future of video and provide the best streaming experiences for our customers and viewers. Our founding team started by contributing research and development to modern video standards, and now we're excited to accelerate that effort with this investment," states Bitmovin founder and CEO Stefan Lederer.
Read our related blog: Startup hotspot Austria continues to gain momentum