Aiming to fuel rapid growth and broaden into markets associated with the Internet of Things, Dejero, the Waterloo-based maker of blended video transport technology, has completed a $32-million Series B fundraising round led by Kayne Partners, the companies announced Tuesday.
Kayne is the Los Angeles-based private equity arm of Kayne Anderson Capital Advisors LP. Also taking part in the raise was Intelsat of Luxembourg. Intelsat is a collaborating partner with Dejero in its CellSat connectivity technology.
Dejero, which has now raised nearly $50 million this year, provides media companies with fast, reliable connectivity for their video and broadcast feeds via a blend of cellular, satellite and IP connections. CEO Bruce Anderson, who joined the company last February, said that the company plans to put the new money to work by aggressively penetrating markets associated with “connected cities, connected vehicles, the Internet of Things.
“There’s no way that isn’t relevant or necessary [for us],” said Anderson.
Dejero was founded in 2008 by Bogdan Frusina and has grown quickly. The company, which raised $14 million earlier this year from Wellington Financial and was recently ranked No. 53 on the PROFIT 500 list of Canada’s fastest growing companies, has a satellite office in Buffalo and employs 93 people, most of whom are based in Waterloo.
There are plans afoot, Anderson said, to add another 50 employees within the next 12 months.
“[We’re looking for] developers, technology people, we’re looking for network people – and some business development people to take us into these new markets. It is quite ambitious.”
Anderson, who is originally from South Africa, has been impressed with what he’s seen of Waterloo Region’s ecosystem, particularly when it comes to available talent, but said the competition for talent can be daunting.
“Waterloo is a great environment, obviously, for tech businesses. It’s thriving. [But] it’s a bit depressing in the context of trying to get people, at the moment. The talent [shortage] is very real in this ecosystem. Obviously, with our new plans we’re looking for talent, so that’s a challenge.”
As part of the financing round Leon Chen and Rob Shilton of Kayne Partners will join Dejero’s board of directors, as will Michael DeMarco, Intelsat’s Executive Vice-President of Operations.