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Streaming tech firm Parsec lands $25m Series B funding

Date Type Companies involved Size
December 17th, 2020 investment $25m
Streaming tech firm Parsec lands $25m Series B funding

Parsec has scored $25 million in investment in its Series B round.

This funding was led by VC firm Andreessen Horowitz, whose general partner Martin Casado will be joining the firm's board. Meanwhile, previous investors Makers Fund, Notation Capital, NextView Ventures and Lerer Hippeau also took part in the funding round, with the cash apparently going to help the firm further develop its Parsec for Work service.

In May, the company raised $7 million in Series A finance.

Parsec started out as a free app that let users capture game footage for them to stream to their audience. Earlier this year, the company introduced the paid-for Parsec for Teams service, which allowed developers to access 3D graphics and game dev workstations remotely. No doubt this rollout was inspired – or at least, hurried along – by the COVID-19 coronavirus pandemic, which saw staff encouraged to work from home to help slow the spread of the virus.

So far, Parsec for Teams has been used by the likes of EA, Ubisoft, Blizzard, and Square Enix.

"There’s little doubt that transformations brought on by 2020’s pandemic will last well into the future," read a blog post on Parsec's site.

"We already know most people using Parsec for work have no intention of going back to a linear, five day, eight hour in-office work day. Flexibility in a day allows more opportunity to explore, create when inspiration strikes, and overcome processes, dead ends, and distractions that are inevitable in an office culture."

Casado added: "Over the last few years, Parsec has truly become a horizontal enabling technology for remote display and interaction of the world’s most challenging workloads."

If Andreessen Horowitz sounds familiar, it's because the VC has invested in the likes of Roblox, as well as two new studios that have been set up by veterans of Riot Games; Singularity 6 and Odyssey Interactive.


PCGamesInsider Contributing Editor

Alex Calvin is a freelance journalist who writes about the business of games. He started out at UK trade paper MCV in 2013 and left as deputy editor over three years later. In June 2017, he joined Steel Media as the editor for new site PCGamesInsider.biz. In October 2019 he left this full-time position at the company but still contributes to the site on a daily basis. He has also written for GamesIndustry.biz, VGC, Games London, The Observer/Guardian and Esquire UK.

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