Bitmovin gains access to up to €20MN of EIB funding | Media Investment | Business
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With the proceeds set to support R&D and help to scale up its distribution network, video streaming technology provider Bitmovin is celebrating gaining financing of up to €20 million from the European Investment Bank.

Stefan Lederer Bitmovin 13Nov2019The company’s technology sees use in supporting streaming and over-the-top (OTT) services for companies such as the BBC, fuboTV, Hulu Japan, RTL and iFlix.

The EU bank’s loan is backed by a guarantee from the European Fund for Strategic Investments (EFSI), the heart of the Investment Plan for Europe – the Juncker Plan – under which the EIB and the European Commission are working together as strategic partners and the EIB’s financing operations are boosting the competitiveness of the European economy.

Bitmovin says that the funding will allow it to strengthen its research and development (R&D) and product development team in Austria and support investments in sales and marketing to scale up its distribution network. “We feel very honoured to receive this EIB funding,” said CEO Stefan Lederer (pictured).

“Since founding Bitmovin it was 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.”

EIB vice-president Andrew McDowell, who is responsible for operations in Austria at the Bank, said: “Bitmovin has developed an intelligent approach to delivering an optimised video experience and solving bandwidth issues, utilising a software-driven solution uncoupled from hardware. Young and innovative companies are key ingredients for ensuring sustainable growth and creating high-value jobs. They play an important part in driving long-term competitiveness.

"For the EIB, the EU bank, this is a top priority. Supporting investment that is geared towards innovation, skills and greater competitiveness is part of our mission to foster sustainable growth and jobs in Europe. I therefore very much welcome our new cooperation with Bitmovin.”