Livepeer, an Ethereum-based video streaming network, has raised $20 million in a Series B funding round.
It has been reported that the funding for Livepeer saw participation from large venture capitalists, including Coinbase Ventures, CoinFund, Northzone, 6th Man Ventures, and Animal Ventures. Based on the announcement, Livepeer’s latest funding will be used to build an in-house protocol to experiment with livestream use cases, such as scene classification, object recognition, song-title detection and video fingerprinting.
However, previously, Northzone led the institutional funding round and raised $8 million for Livepeer. The company currently runs a network of 70,000 graphics processing units complementing the underlying Web 3.0 technology.
The report said that according to PricewaterhouseCoopers crypto lead Henri Arslanian, increased valuations of crypto businesses are causing smaller investors to miss out on the latest innovations. Reflecting on the large-scale VC investment deals, Arslanian stated that the early-stage companies with a valuation of $5 million–$20 million used to see the involvement of smaller investors.
“If your minimum ticket size is around $50 million, there aren’t that many companies that have that status yet.”
Thus, FTX has also been at the receiving end of large VC funding, which has inflated its valuation by 1,400%. Ever since, FTX’s valuation stands at $18 billion after seeing investments from VC giants including Multicoin, VanEck, Paul Tudor Jones, Softbank, Sequoia Capital, and Coinbase Ventures.