Daily, a WebRTC development startup based in San Francisco, has raised $40 mln in Series B funding to scale its WebRTC video and audio APIs.
The funding round was led by Renegade Partners with participation from firms like Heritage Group, Cendana Capital, Sean Rose, Lachy Groom, Tiger Global, Freestyle Ventures, and Root VC. Daily has now raised a total of $62.2 million in funding. Roseanne Wincek, Co-Founder and Managing Director of Renegade Partners, referred to the firm’s participation by stating:
“When I discovered Daily, I knew that I not only needed to invest, but wanted to get as involved as possible. Video and audio are central to the digital future, and are crucial now more than ever before. Companies are adapting to this new standard, and I’m excited to work with Daily at this critical stage of its growth, helping them build customer relationships across the world.”
Daily was founded with the mission to allow developers to easily integrate video and voice chat capabilities into their platforms. By writing as little as two lines of code, the startup’s solution provides plug-and-play video calls with recording, HIPPA compliance, and multi-language functionality. Kwindla Hultman Kramer, Co-Founder, and CEO of Daily, said about the platform’s popularity:
“The past 18 months have been an incredibly exciting time. We focus on providing developer resources, so engineering teams can build for the widest possible variety of use cases. We have seen a 10x increase in customers and have increased our call capacity to 1,000 person, fully interactive, sessions, making Daily even more useful to the developers that need our product. We are excited to use this new capital to continue to scale our business.”
With more organizations transitioning toward a remote or hybrid working approach, video calling solutions have experienced increasing popularity over the past year. According to a study, bad meeting management can result in more than $399 billion in losses a year. By removing the need for third-party solutions, Daily can help organizations improve the quality of their meetings while avoiding morale and financial losses.