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Parsec raises $25M from a16z to power remote work in series B funding

Parsec raises $25M from a16z to power remote work in series B funding
The Siliconreview
16 Decemebr, 2020

Parsec, a startup that’s built streaming technology for both work and play, is announcing that it has raised $25 million in Series B funding. This brings Parsec’s total funding to $33 million. The round was led by Andreessen Horowitz, with the firm’s general partner Martin Casado joining the board. Previous investors Lerer Hippeau, Makers Fund, NextView Ventures and Notation Capital also participated.

Parsec works with major gaming clients like EA, Ubisoft, Blizzard Entertainment and Square Enix, and it’s also being used in industries like architecture, engineering and video broadcast/production/post-production. But it was a natural transition to other use cases, since some of the people using Parsec to play games in their free time also turned out to work at TV production companies, video game companies or in other jobs where they need access to high-end workstations.

That’s why the company launched Parsec for Teams this year, which offers the same low-latency remote experience, while also adding features like encryption, group permissions and collaboration on the same file. The company will continue developing the core platform, leading to improvements for both gaming and enterprise users, while there’s a separate team focused on building administrative and collaborative features.