Livepeer – an Ether-powered video streaming network – managed to obtain $20 million via a Series B funding round, highlighting the success for Ether-powered initiatives in 2021.
Specifically, the funding round – which was led by Digital Currency Group – has reportedly witnessed numerous top-tier venture capitalists being a part of, nominally Coinbase Ventures, CoinFund, Northzone, 6th Man Ventures and Animal Ventures.
Livepeer’s freshly acquired funding will reportedly be channeled towards developing an in-house protocol for experimenting different livestream use cases, for example scene classification, object recognition, song-title detection and video fingerprinting.
Northzone was reportedly in charge of leading the funding round in the past, and helped Livepeer secure $8 million. The firm is operating a network of 70,000 graphics processing units complementing the underlying Web 3.0 technology at the moment.
The surge in valuations of crypto entities is reportedly being the primary reason leading to smaller investors skipping recent innovations unintentionally, per PricewaterhouseCoopers crypto lead Henri Arslanian.
Arslanian further shared his reflection on the large-scale VC investment agreements, claiming that the early-stage establishments possessing a valuation falling between the $5-20 million zone used to have the participation of smaller investors.
“If your minimum ticket size is around $50 million, there aren’t that many companies that have that status yet.” He spoke regardless.
High-profile crypto exchange FTX has reportedly secured significant financial support from major VCs, which resulted in the inflation of its valuation by 1,400%.