Video compression solutions specialist V-Nova has raised €33 million in its series C round of funding.
Among the company’s new investors is Neva SGR, the tech-focused venture capital firm of leading Italian banking group Intesa Sanpaolo.
Neva SGR’s alternative investment fund, Neva First, said it chose to invest in V-Nova due to the strategic importance of images and video and “their growing use in many areas of the economy of the future.” Neva First added V-Nova could grow into a unicorn company.
“We decided to invest in V-Nova because it has all the right components to become a billion euro company in the next few years,” explained Mario Costantini, CEO of Neva SGR.
“We are convinced that the company will soon establish itself on the market as a tech leader alongside top global players, and we are prepared to support it in its future developments. This investment meets three essential conditions for Neva SGR’s growth: investing in companies that guarantee excellent returns for our investors, supporting high-technology, high-innovation companies and doing so in the pursuit of environmental sustainability,” added Costantini.
Guido Meardi, CEO and co-founder of V-Nova said: “The support we have received from Neva SGR, enables us to move forward with our mission to develop video compression technologies that allow the largest number of users to access their favourite content anywhere and on any device, efficiently and sustainably.
“Neva’s commitment further strengthens our balance sheet and will propel us forward on our strategic path, improving our market position.”