Genvid Technologies raises $27 million for interactive streaming engine
Genvid Technologies has raised $27 million in funding for its interactive streaming engine. Galaxy Interactive, the division of merchant bank Galaxy Digital, led the round, bringing the startup’s total funding raised to $47 million.
The New York-based Genvid‘s interactive streaming engine enables customers to monetize livestreams through sponsorships and in-stream purchases. Genvid CEO Jacob Navok said in an interview with GamesBeat that his company aims to make spectating games and esports on streams more interesting and interactive for players.
Genvid uses its cloud streaming technology to create new kinds of services, such as interactive streams for esports tournaments that are broadcast to platforms such as Twitch, YouTube, and others. It can, for instance, enable viewers to spectate an esports match where they can change which esports athlete they are following on the fly. Advertisers can also show unique ads to the viewers based on the viewers’ likes. Japan’s NTT Docomo recently used Genvid at the Tokyo Game Show to host an interactive streaming event to show how 5G wireless data would transform gaming.
“From the very beginning, we were talking about building tools for video game developers to create new experiences over streams,” Navok said. “We started with esports, and we showcased new content at the Game Developers Conference this year. New games with new engines that are being built on top of Genvid. We are investing in tools for them so we can further accelerate our growth.”
Above: Genvid Technologies CEO Jacob Navok.
Image Credit: Genvid
The company has been building and maintaining the tools, and that requires that the company invest more in staffing to make sure it can deliver the features that developers want.
“Interactive streaming is really the merger of video games and traditional media,” he said. “We’re enabling every individual viewer to have their own unique interactive layer. If they want to watch a certain player on an esports team, they can do so. We’ve also been building a backend suite of tools that allows the developer create or to manage that instance, deploy it once and take it cross platform.”
Navok said that Genvid is also creating new businesses based on the interactive streaming technology. Some are sports-related projects that allow viewers to interactive with live sports streams. Other projects are related to gaming content that is being developed with Genvid from the ground up. And Genvid is working on a new live television format where a user can change what happens in the live show.
Besides game developers, Genvid is also targeting media companies and sports broadcasters. Genvid’s SDK enables creators to build rich interactivity across multiple streaming platforms (Twitch, YouTube and more) on multiple infrastructures (Amazon Web Services and Microsoft’s Azure), and on multiple game engines (Unity, Unreal and proprietary engines).
“We’ve got a pipeline of content that will be coming out in the next couple of years,” Navok said. “We started life as an SDK for games. And now we’re expanding to sports and media. So I want to build teams that will work with