Cloud technology startup Polystream has announced it has raised $12 million in Series A funding in a round led by Intel Capital.
Other investors include Lauder Partners and Wargaming Group, joining prior investors Initial Capital and London Venture Partners.
Polystream plans to use the funds for recruiting and hiring, increased marketing, and development of its cloud technology, which the B2B company is developing with a focus on streaming 3D applications in new, improved ways.
"We believe new approaches are required to stream graphics at scale in the cloud and at the network edge," said Dave Flanagan, VP and senior managing director of Intel Capital. "Bruce [Grove, Polystream CEO] and Adam [Billyard, CTO] have had a huge impact on the business of video games over the past two decades, and they're now set to transform cloud gaming and many other interactive industries."
"Audiences around the world are increasingly hungry for the richest and most graphically complex content to be streamed instantly," said Grove. "The current approach of deploying GPUs in the cloud to deliver compressed video, whether for playing games or any other high-fidelity application, is eye-wateringly expensive and just does not scale. It's why cloud gaming remains the hardest of streaming problems to solve; anyone can stream games, but the business of streaming is broken."