OpenReel Raises $19M to Revolutionize Remote Video Production

OpenReel Secures $19 Million in Series A Funding

OpenReel, a company specializing in remote video recording solutions, has successfully completed a $19 million Series A funding round.

According to CEO Lee Firestone, the company’s origins lie in a video agency he co-founded with CTO Joe Mathew. They encountered limitations with existing tools while undertaking a large-scale remote production project.

The Genesis of OpenReel’s Technology

Firestone explained that the lack of suitable solutions prompted them to dedicate over a year to developing their own technology.

Many teams have adapted to remote video production, particularly over the last year. However, these solutions often involve logistical challenges and technical difficulties.

Simplifying Remote Video Production

OpenReel’s core offering is a “remote camera” technology designed to streamline the remote video production workflow and enhance control for production teams.

The software enables a remote director to manage a webcam or mobile device, facilitating real-time recording with up to four participants and viewing by up to four others. Footage, capable of reaching 4K quality, is initially stored locally and then automatically uploaded post-shoot.

Furthermore, the platform incorporates features such as a teleprompter to aid presenters.

A Superior Alternative

Firestone asserts that clients previously had to integrate multiple technologies, often involving shipping equipment, without achieving the same level of quality and a seamless experience offered by OpenReel.

Significant Growth in 2020

Demand for OpenReel’s services experienced substantial growth in 2020.

The platform’s capacity expanded from supporting “thousands of video shoots a year” to “10 or 20 times that” volume.

Impressive Revenue Increase and Client Base

The company reports a 12x increase in annual recurring revenue over the past year.

Notable clients include Dell, HubSpot, ViacomCBS, and Verizon Media (TechCrunch’s parent company).

OpenReel currently serves over 200 enterprise clients, alongside “hundreds” of small and medium-sized businesses.

Unlocking Content Creation Potential

Firestone believes their technology addresses a significant demand for content within organizations, a demand they are well-positioned to fulfill.

He anticipates continued demand even as in-person filming becomes more feasible.

Future Plans and Investment Details

The Series A funding, led by Five Elms Capital, brings OpenReel’s total funding (including debt and equity) to $23.9 million.

The funds will be allocated to developing new product features, potentially including support for livestreamed videos, and expanding the platform’s global reach following a successful international launch in 125 countries.

Five Elms Capital’s Perspective

Thomas Kershisnik of Five Elms Capital stated that their investment reflects OpenReel’s disruptive approach to traditional video production methods.

He highlighted OpenReel’s role as a crucial component of the remote technology landscape and a valuable tool for enterprises seeking to enhance their content creation capabilities.

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