ilos Videos, a hyper-growth software company building a ridiculously simple to use video platform for the workplace, today announced it has raised $1.5 Million in Seed Round funding led by Active Capital. Others participating in the round include Ingram Content Group and Hyde Park Venture Partners. This round of funding brings ilos’ total funding to date to $3 Million with previous angel funding from private investors.
ilos was founded in 2015 with the desire to put the power of video into the hands of organizations to be more productive and communicate with clarity. The company now has over 200 customers across North America, scaling 300% year-over-year and reporting $100K monthly recurring revenue, ranging from UC Berkeley and Unitedhealth Group to General Electric and 3M.
“The thing that excited me the most is tremendous opportunity ahead of us,” said Nick Stokman, Co-founder and CEO at ilos. “The funding from this round helps us to continue to grow revenue and to lay the tech and business process foundation that can help ilos become a big business.”
Co-Founders Nick Stokman and Sean Higgins met while at the University of St. Thomas in St. Paul, and were determined to build the framework for startup success in their hometown, where hundreds of aspiring entrepreneurs would subsequently follow suit. In 2015, the team was accepted into the prestigious Techstars class in San Antonio, and upon graduation returned to their Midwest roots to build an organization that would continue to shatter all expectations of scaling a startup and survival outside Silicon Valley.
“The focus and drive of the talent you find in the Twin Cities region is indomitable, and we are penetrating the market outside of the tech bubble,” said Co-Founder Sean Higgins. “We are in the company of giants with 17 of the Fortune 500 companies in our backyard, it makes scaling to that size seem within reach.”
At the inflection point of hyper-growth, the team is currently 15 strong and intends to leverage the raise to continually serve and delight customers, drive deeper vertical penetration, and expand the market of video communications.
ilos also announced that technology entrepreneur and investor Pat Matthews, founder and managing director of Active Capital, has joined its Board of Directors. Pat is no stranger to the startup race as he co-founded and built Webmail.us before selling it to Rackspace in 2007 where he then helped lead Rackspace to more than $2 billion in annual sales.
“We are incredibly excited to partner with Nick, Sean, and the ilos team as they continue to build their company,” stated Pat Matthews. “They have done a remarkable job carving out a niche in a seemingly crowded space by focusing on customers and real business use cases. They’ve also built the beginnings of a winning culture and have done it all from Minneapolis. We love investing in great companies in underdog cities.”
ilos boasts an impressive customer lineup and the relentless attention to customer success is a key indicator of why retention rates consistently hover above 97%. There is strength in numbers and is reason why brands such as Informatica, Lessonly, and Workfront trust ilos with their strategic communications outreach. Informatica pursued a strategy with ilos that transferred the onus for decreasing case resolution time from the support team to the customer and, in turn, is revolutionizing video’s role in the customer service landscape. Earlier this year, Informatica was named a finalist for the Stevie Awards for the success they’ve achieved revolutionizing the customer service landscape with ilos.
“We have helped so many customers take video to the next level. We are ecstatic to continue serving our customers, and deliver on our commitment to revolutionize the communications industry,” said Higgins on how the raise will most impact the company. “So go ahead, let’s start recording!”Read Original Article