Veego Software, a provider of producing actionable insights for a superior connected home customer experience, announced the closing of its $13 million (€11.05 million) Series A financing round led by Magenta Venture Partners, a venture capital firm focused on early-stage Israeli startups in the artificial intelligence (AI), IoT, and enterprise software domains.
The round also includes continued support from existing investors, State of Mind Ventures (SOMV),Robert Bosch Venture Capital GmbH, North First Ventures (N1V), Amdocs Ventures, as well as additional investors.
“We are excited to have Magenta Venture Partners join our family of incredibly supportive investment partners,” says Amir Kotler, co-founder and CEO of Veego. “Veego is the only solution on the market providing Communication Service Providers (CSPs) with Application-level Home Quality of Experience data and actionable insights, enabling them to personalise and optimise their service offerings. We are building on these successful engagements with global CSPs and ecosystem partners to enable further expansion.”
“This round will also enable us to enhance our machine-learning models that deliver real-time analytical capabilities across multiple use cases and expand our reach globally,” adds Kotler.
“In a post-pandemic world, the Connected Home takes increased importance as a place of work, study, and play,” says Ran Levitzky, co-founder & general partner at Magenta Venture Partners, who is joining the Veego board of directors. “End-users are expecting ubiquitous Customer Experience to support their use of a variety of applications, while CSPs are mostly blind to the in-home Customer Experience. Our investment will help Veego entrench its position as the Connected Home data and insight leader, revolutionising the way CSPs, app vendors, and content providers understand and address their home users’ experiences and needs.”
The Veego Data Platform optimises the internet user experience in the connected home through the continuous measurement of user engagements with web-based devices and services. The company provides visibility, scoring and assessments to rank the user’s quality of experience in the context of the service being consumed and its unique connectivity needs.
With Veego, the root causes for streaming breaks, low-resolution video, poor audio, gaming latency, dropped Zoom calls and countless other connected home problems can be identified and rectified before they occur. In many cases, Veego can be set to automatically resolve issues in seconds launching a new era in connected home experience.
Kotler adds “I am also thrilled to update that Japanese telecom operator Rakuten Mobile has joined Veego’s customer list, and we will use this new round of funding to bring additional telecom operators on board.
“Gaming, streaming, social and other apps consumed in-home are fueling the growth in connected devices and apps and making flawless Quality of Experience mission critical,” says Pinhas Buchris, State of Mind Ventures. “Veego’s unique, contextual approach vastly enhances the way issues are detected, analysed and resolved.”
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