Vietnam-based Uiza, a provider of video and livestream cloud API platform, has raised an undisclosed sum of pre-seed funding from homegrown venture capital firm ESP Capital and Japanese IT Corporation Framgia Inc.
The funds raised will be used to recruit more engineers and improve core video technology, according to the company’s announcement. The company is targeting to close its Series A round in November or December.
Uiza claims to be the first startup in Southeast Asia to provide video and livestream cloud API platform. UIZA uses data science to optimize the viewing experience as well as livestream for the audience.
According to Kevin Ng, CEO of Uiza, internet video and livestream are one of the fastest-growing markets, especially in Asia, which is more than 30 per cent year over year. He believed that video and livestream will be a huge playground for technology and great potential for long-term growth.
“At present, there are many companies in Vietnam as well as Asia in the consumer and B2C sectors, but we are quite lacking of tech enablers. Uiza has a huge potential in the Internet Video market, with an estimated value of nearly $70 billion over the next five years. And they are quite a good fit with ESP Capital, we want to support and develop startups that have the potential to grow into unicorn, which is why ESP chose to invest in Uiza,” said Vy Le, General Partner of ESP Capital.
Uiza is concurrently working on the next round of fundraising to cover its growth plans in major markets such as Singapore and Japan.
ESP Capital earlier told DEALSTREETASIA that it targets to increase investments in pre-seed and seed rounds to $300,000 and hopes to help build the first unicorn in the country. It has invested $1.4 million in nine startups to date since the launch of its $20-million debut fund last year.
Established in 2012, Framgia Inc specialises in designing and developing applications, games, social networking platform, among others.
“Video and Livestream are growing extremely fast in the Asian market,” said Taihei Kobayashi, CEO of Framgia Inc. “Framgia Inc is both an investor and one of the first customers to use Uiza. They have helped us save dozens of developers and months for developing a similar platform. With our strengths and experience in technology, Framgia believes we can support Uiza in expanding to the Asian market. ”