LEXINGTON, Mass.—Tech-focused investment firm Battery Ventures has made a majority growth investment in Signiant to enable continued growth in its video production software-as-a-service (SaaS) business. Terms of the investment were not disclosed.
Signiant’s technology allows large media files to move quickly and securely through the media supply chain regardless of where they are stored.
“Signiant’s solutions, including its Media Shuttle product—which uses a proprietary protocol to move files over any IP network, between both public cloud and on-premises storage locations—are high-quality and extremely sticky among its customers,” Battery Ventures principal Roland Anderson said. “We’re excited to work with the company to fuel further growth, both organic and through potential acquisitions.”
Some of the world’s largest media and entertainment companies in sectors such as postproduction, professional sports, gaming and broadcast/cable TV rely on the company’s products. Among its customers are NBCUniversal, Warner Bros. Discovery, Ubisoft and the NHL, it said.
The company is now expanding the functionality of its file-transfer SaaS platform in pursuit of adjacent media service customers. Signiant will use the investment from Battery to fund product development and go-to-market activities, as well as potential future acquisitions in the media technology space, it said.
“We are thrilled to partner with Battery, a firm with a long history of scaling enterprise SaaS businesses, to begin writing the next chapter of the Signiant story,” Signiant CEO Margaret Craig said. “Both the company and the media industry are at inflection points. We feel our solutions are uniquely suited to meet the current moment in media and entertainment, which demands the type of efficiency and fast time-to-value that only a modern multitenant SaaS platform can deliver.”
Battery Ventures partner Dave Tabors said Signiant has successfully developed technology to assist media companies move large files. “In our view, Signiant has cracked the code on how to tackle this problem, building a robust SaaS business to facilitate the transfer of these files in a secure way. And we see the opportunity to grow the company’s market even more,” he said.
Both Anderson and Tabors will join Signiant’s board, the company said.
Pharus served as exclusive adviser to Signiant on the transaction with Mintz Levin acting as counsel.
More information is available on the company’s website.
