Spalshtop Inc. raises $50 million and achieves $1 Billion valuation
Splashtop Inc., an emerging leader in next-generation remote access and remote support, has closed a $50 million financing round, raising its valuation above the $1 billion unicorn threshold. The latest round, led by existing investor Sapphire Ventures, includes participation from other long-time Splashtop investors Storm Ventures, NEA, and DFJ DragonFund. The company is expanding rapidly, despite the new remote working culture adopted by most businesses as a result of the COVID-19 pandemic. The company, based in San Jose, California, was founded in 2006 under the name DeviceVM. According to official statements, it has already achieved profitability, with 160% business growth in 2020. Splashtop has also recently confirmed a tripling of its remote access traffic.Splashtop Ventures 1bsawersventurebeat.
Mark Lee, CEO and Founder of Splashtop, stated that Splashtop was assisting small businesses and enterprises in working smoothly from home during the pandemic. According to him, this helped him avoid VPNs that are not scalable and have security and reliability issues. He also stated that leading organisations such as the BBC, NBC, Disney, and CBS are already using Splashtop for video editing via Adobe Premiere Pro copies installed on local machines. Schools are deploying these solutions to enable remote learning solutions that allow students to access school laboratories with Autodesk, Adobe, and other software that they do not have at home. The Splashtop infrastructure is supported by machine learning, artificial intelligence, and data analytics, which are used for tracking traffic movements or cloud computing systems and issuing safety alerts if any errors or suspicious activities are discovered.
The COVID-19 pandemic, which disrupted physical access to corporate and academic computing resources around the world, boosted demand and appreciation for Splashtop’s solutions, including among larger enterprises. Splashtop has served 85% of Fortune 500 companies, including Disney, FedEx, GE, Marriott, and Toyota, as well as government and educational institutions such as the US Centers for Disease Control and Prevention (CDC), Harvard University, Stanford Healthcare, and research labs enabling major pharmaceutical companies to conduct COVID-19 vaccine research.50m ventures 1bsawersventurebeat.
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About Sapphire
Sapphire Ventures is a leading venture capital firm that works with visionary teams and venture funds to build significant companies. Sapphire has been investing capital, resources, and expertise in innovative startups and technology-focused venture funds around the world for nearly two decades. Sapphire is well-positioned to help scale companies and venture funds, elevating them to become global category leaders, with more than $4 billion in AUM across Sapphire Ventures, Sapphire Partners, and Sapphire Sport, and team members in Austin, London, Palo Alto, and San Francisco.
About Splashtop
Splashtop Inc., based in Silicon Valley, provides enterprise, academic and research institutions, government agencies, small businesses, MSPs, IT departments, and individuals with next-generation remote access and remote support software and services. Splashtop’s cloud-based, secure, and easily managed remote access approach is increasingly replacing legacy approaches such as virtual private networks (VPNs), earning a stunning 93 Net Promoter Score (NPS), a standard for evaluating customer satisfaction. Splashtop products are used by over 30 million people worldwide, including 85% of Fortune 500 companies.
