Kitchener's Vidyard gets $18M in new investments

Kitchener-based company Vidyard plans to expand thanks to $18 million in new investments.

The company, which specializes in video analytics software that tracks the number and length of views on online videos, says it wants grow its workforce from around 60 people to 150 in the next two years.

The majority of that growth will happen in Kitchener, said Tyler Lessard, Vidyardschief marketingofficer.

Weve found investors understand there is a tremendous talent pool here, said Lessard.

This is growth money.- TylerLessard, chief marketing officer for Vidyard

Over time we will need to continue to grow the business, particularly from a sales perspective and look to expand, but continue to grow the heart of the company here in the Kitchener area.

The business has already acquired the space for new employees, taking over another floor in the companys downtown Kitchener office building.

"This is growth money, said Lessard.

The multimillion-dollar investment is part of the companys series B financing plan, and represents the next phase in the once-startups history.

On top of new money, that next phase of Vidyard also includes a new partnership for the company. Much of the funding was secured with the support of SiliconValley heavyweightBessemer Venture Partners, and now one of the venture capitals executives, Byron Deeter, will be sitting on Vidyards board.

He is a tremendous asset for Vidyard, said Lessard, citing Deeters extensive experience in helping to grow tech companies.

His guidance and expertise will continue to help us make smart decisions.