The Oslo-based Neat designs simple and elegant pioneering video devices that make virtual meetings feel almost as real as meeting face-to-face. Now, the pioneering video device company has announced that Zoom Video Communication has invested an additional $30 million (nearly £22 million) in it.
Investment from Zoom
With this investment, Neat has a total valuation of $640 million. Also, it marks Zoom’s third investment in Neat to date, thereby bringing the total investment to $41 million. Besides this, it extends the close collaboration of both companies at driving innovation and giving Zoom users an optimal Zoom experience across the meeting and collaboration spaces.
It reflects the companies’ shared commitment to deliver innovative technologies that ensure an exceptional video communication experience. Neat and Zoom will continue to work closely together on new features and experiences that support the movement to a new way of working with distributed and co-located hybrid teams, focused on improving well-being, social interaction and team creativity.
“Zoom and Neat have worked closely together to provide customers with an incredible Zoom meeting experience, and this additional investment reflects our belief that Neat’s devices are an outstanding complement to Zoom’s communications platform,” said Oded Gal, Chief Product Officer at Zoom. “We have enjoyed tremendous success with Neat to date, and look forward to continuing to drive innovation and deliver exceptional experiences for our customers jointly.”
“Since Neat’s launch in 2019, we’ve shared an amazing journey helping customers enjoy delightful experiences across meeting spaces – even as the definition of the meeting space has evolved,” said Simen Teigre, CEO of Neat. “We look forward to continuing to innovate and deliver unique technology and advanced capabilities that provide customers with rich and meaningful collaboration experiences throughout the hybrid workplace.”
To open London office in 2022
Globally, Neat has aggressive growth goals, spurred by our dramatic growth to date and supported by the latest investment by Zoom. The UK is one of the most dominant markets across Europe, as a result it is key to Neat as we strive to achieve its aggressive business goals. Currently, its UK business represents almost 30 per cent of its overall international business.
Some of its largest global customers are headquartered or have a significant presence in the UK, including two of the world’s most recognised global financial institutions. Neat’s UK customers encompass key vertical sectors to include recognised global technology companies and educational institutions, legal offices, and many small and medium-sized businesses.
As a part of its global growth plans, Neat plans to expand the team to 15 people in the UK/Ireland by December. Also, it plans to open an office in London in early 2022.
Enhances video calling experience
Founded by Simen Teigre in 2019, Neat continuously pushes boundaries to enable unique, rich, equitable meeting and educational experiences that allow users to feel and be at their best. Also, it has shaped game-changing innovations for some of the world’s most recognised video communications brands.
Neat devices have crystal-clear audio and video, plus advanced capabilities that support an enhanced, engaging and safer hybrid working and learning environment. Neat delivers unique features to support a safer, more enhanced and engaging hybrid working and learning environment with a full range of devices for meeting spaces of all kinds.