Blue Jeans Network just scored $76.5 million in new funding

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Blue Jeans Network, the cloud-based video service, has just secured $US76.5 million in new funding which will allow it to expand into Australia.

The round was led by NEA with participation from previous investors Accel, Battery Ventures, Norwest Venture Partners, plus new investors Glynn Capital, Quadrille Capital, and baseball star Derek Jeter.

The cash will help accelerate growth with global market expansion in Australia, Asia and Europe and support product development.

Blue Jeans, started in 2011, provides more than one billion minutes of real time video collaboration annually to 25 million participants around the world.

“Despite all the advances in modern technology, the human face is still the most powerful tool for business,” says Krish Ramakrishnan, CEO Blue Jeans Network.

“As organisations have become more geographically dispersed, the need for video has become more critical than ever to establish and maintain meaningful connections, foster empathy and understanding, and improve communications.”

Jon Sakoda, general partner at NEA, says Blue Jeans made the right bet predicting the convergence of cloud, video and mobile.

The latest funding round brings the total financing for Blue Jeans to $175 million.

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