Zoom Raises $100M for Enterprise Video
Former Cisco WebEx engineer propels Zoom forward as the company sets its sights on market domination.
Eric Yuan, founder and CEO of Zoom Video communications, is no stranger to the world of web conferencing. From 1997 until 2011, Yuan worked as VP of Engineering for WebEx, which Cisco acquired for $3.2 billion in 2007. In June 2011, Yuan founded Zoom, which today is announcing a new $100 million Series D round of funding, bringing total funding to date up to 145.5 million.
The new funding round was led by Sequoia, with the participation of Emergence Capital, Jerry Yang's AME Cloud Ventures, and Qualcomm Ventures. Sequoia partner Carl Eschenbach, who had previously spent the last 14 years at VMware, is now set to joint Zoom's board of of directors. Eschenbach is very optimistic about what Zoom can achieve in the market.
"They're the only enterprise startup that combines Apple-level NPS (Net Promoter Score) with Slack-like usage and Facebook-caliber monetization," Eschenbach said in a statement. "No other company nails all three. It's not hard to believe that in ten years every conference room will be connected by Zoom."
Zoom competes on many levels with the Cisco WebEx platform that Yuan helped to create. In addition to the new funding announcement, Zoom also announced its' new 4.0 release. The Zoom 4.0 release includes new tools for developers, including a developer portal as well as a mobile RTC (real time communications) platform for mobile application development.
The Zoom Room conference room in Zoom 4.0 is also getting a boost with support for Android tablets as well as new voice command controls. The new release also includes a participant attention indicator as well as a waiting room option. Additionally, the Zoom 4.0 platform now easily enables users to broadcast to YouTube or Facebook Live.
"By addressing the huge market demand for cloud-based video conferencing, Zoom is seizing a leadership position and filling the void created by the industry's fading legacy providers," Yuan said. "With this support from Sequoia, we will develop revolutionary products and features such as virtual reality, augmented reality, and the Zoom Developer Platform; expand internationally; and grow our sales and marketing teams."
Sean Michael Kerner is a senior editor at EnterpriseNetworkingPlanet and InternetNews.com. Follow him on Twitter @TechJournalist.