Video editing technology company Blackbird plc have announced a successful capital raise to fund expansion into new markets.
The focus will be on their ‘Powered by Blackbird’ intellectual property that provides lighting fast video editing and content publishing to organisations.
The funds will be deployed in the growth of their engineering team and expansion of their patent portfolio.
“With our core business in rude health we are incredibly excited to announce a placing to raise £8.0 million to enter new markets with our “Powered by Blackbird” intellectual property,” said Blackbird plc CEO, Ian McDonough.
“Recent contract wins for the Company include Univision, Eurovision Sport and a further expansion with TownNews to 80 regional US stations. “Powered by Blackbird” already has its first customer in our current sector focus of professional Media and Entertainment. The Company has also recently been awarded “Best Tech Company 2021” by the SportsPro OTT awards.
“While our reputation builds in the professional Media and Entertainment vertical, our technology has advanced through API development and the first “Powered by Blackbird” licence deal has shown our applicability to companies across multiple video markets. The creator economy, enterprise video and content distribution markets are of huge scale and have attractive growth rates offering a massive opportunity built around our existing intellectual property.”
Blackbird have recently posted record results for the six months to 30th June which saw revenues rise 21% to £867k.