We’ve all embraced video calls, whether it is with our work colleague or our physician, but for developers, it remains a challenge to build both real-time audio and video features into products.
That’s where Daily comes in. The company provides APIs so developers can add those features into products or websites using just two lines of code. Use cases include video calls, audio-only apps, webinars, live classes, interactive collaboration, e-commerce, customer support, IoT and robotics.
Since being founded in 2015, the company has amassed a customer list that includes AppFolio, HotDoc, Pitch, Kumospace and Teamflow, and its customers report seeing up to 80% fewer video call errors after using Daily, Kwindla Hultman Kramer, co-founder and CEO of Daily, told TechCrunch via email.
Following an 18-month time period of rapid growth, which included seeing from 10 times to 30 times increase in all the metrics the company tracks — overall traffic volume, freemium sign-ups, paid usage and the number of customers scaling applications on top of the platform — Daily today announced $40 million in Series B funding.
“The most interesting trend we’re seeing is that new use cases for video and audio are showing up every week,” Hultman Kramer said. “We’ve seen the growth of events platforms, new social/spatial video environments, live commerce, live classes, fitness and workout applications, and a huge amount of experimentation in education and tutoring, just to name a few.”
Renegade Partners led the round, which included new investors Heritage Group, Cendana Capital and Sean Rose, and participation from existing investors including Lachy Groom, Tiger Global, Freestyle Ventures, Slack Fund, Root VC, Moxxie, Haystack Ventures, Todd & Rahul’s Angel Fund, David Eckstein and Aston Motes.
The latest round brings total funding to over $60 million, which includes a $4.6 million round raised in May 2020. The company is not sharing its valuation, but Hultman Kramer revealed that valuation stepped up three times with each of the three funding rounds the company raised in the last 18 months.
The global video conferencing market was valued at $5.8 billion in 2020 and is expected to…