The funding helps Neat reach a valuation of $640M. Here are the top-line bullets you need to know.
Neat, a video-conferencing device startup, has raised $30M in a Series B. The round drew participation from Zoom Video Communications.
HOW’S THE COMPANY PERFORMING?
- Oslo-based Neat designs and manufactures video conferencing hardware for in-office and remote workers. Its products include Bar, Bar Pro, Board, and Pad.
- Bar is used for hybrid meetings of up to 10 people, and Bar Pro supports the use of up to 3 screens for conferencing. Board is a collaborative smart screen device that can be used for meetings. Pad is a touchscreen device used to control meetings.
- Neat’s customers include Microsoft and Zoom. The company’s hardware complements Microsoft Teams and Zoom video conferencing software.
- The company currently has around 50 employees.
WHY DOES THE MARKET MATTER?
- The global video conferencing market is expected to grow at a 10.9% CAGR to reach $12.99B by 2028, according to Fortune Business Insights.
- This growth has been fueled by increasing internet penetration, globalization, the rise of remote and hybrid working, and employee desire for enhanced digital collaboration.
- The health concerns and mandatory lockdowns stemming from the Covid-19 pandemic sparked a shift to remote and hybrid working, making video conferencing tools essential for conducting business operations.