Vidyo has raised a further $22.5 million from venture firms to expand its sales and marketing activities. Existing investors, Menlo Ventures, Rho Ventures, Star Ventures and Four Rivers Group participated in the round, which was led by QuestMark Partners.
The company said the financing round brings its total funding to $97 million since it launched in 2005.
"The video conferencing market will undergo exponential growth in the next five years and new market leaders will emerge," said Tim Krongard, Partner at QuestMark Partners. Krongard will be joining Vidyo's Board of Directors.
Vidyo is challenging telepresence market leaders Cisco (Nasdaq: CSCO) and Polycom (Nasdaq:PLCM) with its less expensive video conferencing solution that doesn't require dedicated bandwidth to function.
Last month, it scored a major win with the Ontario Telemedicine Network in Canada, a feather in the cap of the New Jersey-based firm.
For more:
- see this release
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