A local startup co-founded by former Cincinnati Bengal Dhani Jones has landed millions of dollars in new funding – adding a Cleveland-based venture capital group and the owners of the Cincinnati Reds to its list of backers.
Norwood-based ActionStreamer, a streaming platform used by the sports, entertainment, defense and telecommunications industries, closed a $2.4 million Series A funding round, led by Cleveland’s JumpStart Ventures. The funds come via JumpStart's Advanced Manufacturing Fund, which is dedicated to funding early-stage advanced manufacturing startups in Ohio and is supported by MAGNET, the Manufacturing Advocacy and Growth Network, a nonprofit.
The Castellini Management Co., owners of the Cincinnati Reds, also co-invested in the round.
ActionStreamer plans to use the capital to enhance its technology platform. The improvements will boost its data streaming capabilities and media products, the company said.
"We are thrilled to welcome JumpStart Ventures as our lead investor, as their support represents a substantial investment and provides us with invaluable experience and guidance as ActionStreamer scales," ActionStreamer CEO Bob Lento said in a news release. "This raise will drive the evolution of our software and cloud service products for the enterprise marketplace, empowering thousands of customers to stream data with the click of a button at any time, from anywhere in the world."
ActionStreamer was founded in 2015 by Jones, a former NFL linebacker for the Bengals, Philadelphia Eagles and New York Giants; and Cincinnati tech entrepreneur Chris McLennan, who founded cloud replication and data delivery company Ilesfay, another local startup.
The company works closely with manufacturers and testing agencies to integrate miniature streaming components into wearables and other devices.
Its first market application included wearable point-of-view cameras and streaming solutions, showcased in the NFL, MLB, USFL and more. Its HelmetCam, which streams live video directly from the player’s point of view, has been used by baseball hitters, hockey goalies and football players alike.
In 2020, ActionStreamer was awarded a contract from the U.S. Air Force to develop an advanced communications system with real-time point-of-view video and two-way audio capabilities for use in confined spaces and hazardous areas.
Most recently, ActionStreamer pioneered new 5G capabilities in collaboration with T-Mobile, and the startup recently delivered the first Amazon Web Services-qualified 5G cameras on the Amazon Partner Network (APN), a global network for companies and individuals to build, market and sell their solutions on AWS.
ActionStreamer is now a team of nine. The Series A round brings the company’s total venture funding to $4.3 million. It hasn’t raised since 2018, when CincyTech led its $1.9 million seed round.
In addition to CincyTech and JumpStart, the company’s previous backers include local venture capital firm Vine St. Ventures and various angels.
"We are thrilled to partner with ActionStreamer to provide capital and support that will help realize the potential of this truly unique platform technology," Jerry Frantz, president of JumpStart Ventures, said in the release. "The impact in sports, entertainment, defense and telecommunications as well as the ability to provide solutions in remote or challenging environments, illustrates (its) vast market potential."
