Lifesize has confirmed it has split from Logitech and is once again operating as a fully independent company.
Logitech will retain a meaningful interest in Lifesize moving forward, but the company has received backing from three Silicon Valley venture firms; Redpoint Ventures, Sutter Hill Ventures and Meritech Capital Partners. With the new investment, Lifesize is focussed on winning new customers as a high-growth cloud-based video collaboration and meeting platform company.
“No other company in the industry has Lifesize’s global distribution, channel relationships and unrivalled product differentiation,” said Jeff Brody, partner at Redpoint Ventures. “It is obvious to us that the enterprise-grade reliability coupled with its unique hardware advantage will keep fuelling the company’s remarkable growth. Redpoint has backed Craig in each of his last three ventures where he has pioneered every new and disruptive innovation in video collaboration. We are excited to support him once again in leading this next wave of cloud-based collaboration.”
Over the last 18 months, Lifesize has transformed its business model through the combined launch of Lifesize Cloud, its cloud-based video collaboration service, and its integrated approach to connected cameras and HD phones.
“This is an exciting step for Lifesize and is the result of the tremendous work we have done to create a unique offering in the videoconferencing and collaboration space,” commented Craig Malloy, CEO and founder of Lifesize. “We have a 12-year heritage of leadership and industry innovation and a strong executive team in place. 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, which puts Lifesize on a path for impressive growth and success.”
The company will re-focus on developing technology that delivers easy-to-use and scalable video communications to an organisation with its combination of chat and recording features. Since the launch of Lifesize Cloud, the company has added more than 2,000 paid customers including Twilio, Survey Monkey, Omnicom Group and Evolution Gaming.
“Together with our three co-investors, we determined that the capital, SaaS industry expertise and growth-focused approach would be key ingredients to realising tremendous long-term value,” said Guerrino De Luca, Logitech chairman. “Logitech looks forward to participating in the journey.”