Cloud-based video service company Brightcove has just made its public debut on the NASDAQ under the symbol ‘BCOV’, with an opening trade of $14.50. The stock is up over 30% from the set starting price of $11 per share, after setting the range of $10-$12 per share. Brightcove is currently valued at around $382 million.
Brightcove is one of the largest providers of online video publishing and distribution services. Offerings include: Brightcove Video Cloud, an enterprise-friendly online video hosting and management platform, and Brightcove App Cloud, a software application development and management platform designed to publish and distribute video through apps across multiple devices.
Brightcove has raised a total of $100 million of pre-IPO investment and filed for the IPO in August. Private investors include: Accel Partners, General Catalyst Partners, Allen & Company, AOL, The New York Times, Maverick Capital, IAC and Hearst Ventures, among others.
The company has over 3,872 customers as of Dec 31, including The New York Times Company, Oracle, AOL, Philips Electronics, Macy’s, Bank of America, the U.S. Army and Honda.
In 2011 Brightcove’s revenue grew to $63.6 million (from $43.7 million in 2010), but still showed a loss of $17.8 million. The future looks bright for Brightcove.