Livepeer raises about $20 million from its series B funding

Funds from Livepeer’s $20-million Series B funding, will be used to develop an in-house protocol to test broadcast use cases like scene classification, object recognition, song title detection, and video fingerprinting.

The success of Ethereum-based projects has been built on the foundation of this year. Livepeer, an Ethereum-based video streaming network, is also in the spotlight, having raised $20 million in a Series B fundraising round.

Large venture capitalists like as Coinbase Ventures, CoinFund, Northzone, 6th Man Ventures, and Animal Ventures joined the fundraising for Livepeer, which was led by Digital Currency Group.

According to the statement, Livepeer’s new financing will be used to develop an in-house protocol to test broadcast use cases like scene classification, object recognition, song title detection, and video fingerprinting.

Northzone previously led the institutional investment round for Livepeer, raising $8 million. The company now operates a network of 70,000 graphics processing units to support Web 3.0 technologies.

The amazing 15 percent price increase of Livepeer’s LPT token accompanying Bitcoin’s (BTC) bullish wave was recently highlighted by Cointelegraph.

According to PricewaterhouseCoopers crypto head Henri Arslanian, increasing values of crypto enterprises are leading smaller investors to miss out on the latest advancements, according to a recent report from Cointelegraph.

When it comes to large-scale VC investments, Arslanian says that smaller investors used to be involved in early-stage startups with a valuation of $5 million to $20 million. On the other hand, he went on to say,

“If your minimum ticket size is around $50 million, there aren’t that many companies that have that status yet.”

FTX, a well-known crypto exchange, has also received significant VC money, boosting its worth by 1,400 percent. Since then, FTX has received investments from VC titans including as Multicoin, VanEck, Paul Tudor Jones, Softbank, Sequoia Capital, and Coinbase Ventures, bringing its total worth to $18 billion.