Shamrock equity infusion will help expand cloud storage
Online stock footage provider Thought Equity Motion has closed a $25 million investment from Shamrock Capital Advisors.
Funding will be primarily focused on the company’s expansion of its cloud-based media storage system. Thought Equity customers include film studios, news orgs, sports rights holders, agencies and production companies.
Thought Equity CEO and founder Kevin Schaff noted that cloud-based systems offer both time savings and cost-effective ways to edit, deliver and store media data. They can also help reduce post-production and shipping fees.
“This is a key milestone for Thought Equity Motion,” he added. “We estimate the market for video management at over $2 billion and growing over 30% per year.”
In the past, Shamrock has helped companies like RealD go public. And though Schaff considers such a move an option in the future, he said his focus for now remains on helping content owners adapt to new technology.
The relationship with Shamrock seemed appropriate, per Schaff, especially considering Shamrock’s investment history in the entertainment biz. “For us,” he said, “the big thing that’s starting to impact Hollywood is cloud-based storage — we’re excited to be a part of changing that landscape.”