London tech firm raises £740k for AI streaming optimisation software

A London technology company has raised £740k in its first round of seed funding to support its AI streaming optimisation software.

Deep-tech company iSIZE Technologies has announced the closure of its first seed funding round, raising a total of £740k from figures including Patrick Pichette, partner at Inovia Capital and ex- Google CFO.

The new software, BitSave, reduces encoding bitrates by up to 40 per cent, which saves money and energy - as streaming usually uses a substantial amount of carbon.

Patrick commented: “Video capacity needs are exploding worldwide, with no end in sight for years to come.

“Managing capacity and costs are now becoming a strategic issue for many bandwidth providers, and iSIZE addresses this problem head on, with an innovative, amazingly elegant, platform agnostic solution. The results speak for themselves.”

Sergio Grce, CEO of iSIZE Technologies, added: “We are thrilled to have graduated from the CDL-Oxford and closed this seed funding round; our thanks to all our investors who see the potential of our technology to transform the world of streaming.

“Data centres contribute more global emissions than the aviation industry, and with lockdowns across the globe ever more people are turning to video content for entertainment or remote working.

“We are proud to be working with household names in the sector to reduce the strain on already-overburdened networks and cut the ballooning costs of the data centre and streaming industries.”

Paul Massara, board advisor, said: “I am very excited about the difference iSIZE can make to reducing both the cost and carbon associated with streaming, and glad to be involved on the board.

“It is essential that we leverage advanced AI techniques to move to a low carbon economy, and the big data users should take note from a corporate social responsibility perspective.”

An investor in the round, CEO of TD Veen AS, Kjell Skappel, concluded, “We often assume the internet is a solely virtual entity, but it has its roots in a very real chain of data centres, with very real energy and emissions costs.

“iSIZE’s solution is easy for tech giants to apply and brings significant benefits, so we are delighted to be part of bringing BitSave to a wider market.”