Theta Labs, a blockchain-powered startup which develops decentralized streaming video protocol Theta Network, announced it has successfully closed a strategic funding round which will secure funding of the startup until 2021.
Thanks to @SamsungNEXT and @blockchain for leading Theta Labs’ recent strategic investment round. We’re excited to work together building the Theta Network into the leading worldwide video delivery infrastructure!https://t.co/JaeOSXu9tx
— Theta Network (Not giving away ETH/BTC) (@Theta_Network)
The funding round was led by Samsung NEXT and Blockchain, whilst Uphonest Capital, Wei Fund, Igen Fusion Capital and other private investors also took part in the process.
“Blockchain is the largest non-custodial crypto wallet in the world, with over 36 million wallets created on the platform. We’re committed to investing and collaborating with projects like Theta that drive real user adoption and act as a novel way to on-ramp users into the digital currency ecosystem. We back technology companies that use blockchain to power a fundamentally new and improved consumer behavior,” said Samuel Harrison, Managing Partner at Blockchain.
Samsung NEXT, an investment arm of Samsung Electronics created in 2013 to establish and foster a startup culture at Samsung, co-led the round together with Blockchain. The amount raised by Theta Labs in this financing round was not disclosed.
Startup’s main product, Theta Network protocol, allows its users to benefit from the excess bandwidth and computing resources in exchange for tokens rewards, which can amount up to $16 a month, enough to cover video platform’s monthly subscription.
“We’ve been working with Samsung and Blockchain for some time now, and with this new funding round we look forward to align our strategic interests and invest in Theta project’s success,” said Theta Labs’s CEO Mitch Liu.
“This allows us ample time and resources to execute on our go-to-market strategy and our vision to build the leading decentralized global data delivery platform”.
The network processed more than 2.7 million on-chain transactions in its first 10 days after the main launch in mid-March.
“We hit a major milestone on March 15 with the successful launch of the Theta blockchain, along with the native tokens THETA and TFUEL,” added Liu.
Platforms such as SLIVER.tv, Samsung VR, MBN, Pandora.tv, and CJ Hello are using or planning to use Theta Network, which contributes to lower costs of the process of content delivery and boosting viewer engagement.