
Hollywood Has a Storage Problem. This LA Startup Just Raised $20M to Solve It.
Breanna de Vera is a dot.LA editorial intern. She is currently a senior at the University of Southern California, studying journalism and English literature. She's previously reported for the campus publications the Daily Trojan and Annenberg Media.
As the entertainment industry comes to rely on high-powered cameras, rapid rendering and new workflows that require sharing across vast networks, professionals are increasingly getting bogged down dealing with IT issues.
OpenDrives, a provider of network-attached storage solutions, hopes to help solve that problem. It announced it has closed a $20 million Series B round, led by IAG Capital Partners, on Thursday.
The Culver City-based startup was founded in 2011 by Hollywood professionals who were searching for ways to store film that was increasing in both quality and size. With the growing popularity of using 4K — then eventually 8K — cameras and computer-generated images, films were at resolutions that made storage size enormous and difficult to access. Editors were wasting a bulk of editing time finding, compressing, downloading and reopening film.
Executives say they'll use the funds to expand their marketing, develop partnerships and hire talent, particularly engineers to further develop their software. This raise brings OpenDrives's total funding to $30 million, and comes very soon after the launch of both new hardware and software, called Atlas 2.1.
OpenDrives was founded by Jeff Brue, Kyle Jackson and Chad Knowles, to provide physical drives equipped with software that avoids the time-consuming processes of file compression and decompression.
A rendering of OpenDrives' system.
OpenDrives Chief Executive Officer David Buss, a former U.S. Navy vice admiral, found his way to the company from the defense industry. He had previously been president of Cubic Global Defense, which used OpenDrives's products to develop training systems for U.S. military and security forces.
"Think about a pilot in the cockpit trying to train with a fellow pilot in a virtual simulator 3000 miles away," said Buss. "If there's any latency whatsoever in the exchange of their information, their visuals, interactions that are having communications, whatever the case may be, the training breaks down and you completely lose credibility."
Buss joined as CEO in 2019, as OpenDrives made several hires, including former Ogilvy global divisional chief executive Jonathan Adler as chief marketing officer and former Dell EMC technologist Robert Adolph as business development vice president.
The pandemic has increased a need for remote workflows and storage, and Buss predicts growth for OpenDrives in the media and entertainment industry and other industries that may have not needed HPC and storage solutions before.
OpenDrives CEO David Buss
"If you look at the the remote workflows that have been part of the COVID environment and are likely to continue, OpenDrives has been very nimble in being able to create what we call OpenDrives anywhere, where you can work remotely the workflow… that would take place in a big production house, Sony or Disney or Panasonic," said Buss. "But we now have through our software package, our new scale out architecture ... it puts us in the cloud, and it doesn't matter where your storage is done now."
OpenDrives clients include HBO, Spotify, Disney, Riot Games, Paramount, Sony and YouTube.
The company also announced a strategic investment in Ctrl IQ, Inc., a company founded by Gregory Kurtzer, who also recently developed Rocky Linux. Together, the companies are working on a hybrid model of storage and computing that will support workflows with higher data security and better computing. Buss hopes these features will attract clients from other industries.
"Worldwide spending on data storage architecture is set to be worth $78 billion in 2021," said Joel Whitley, principal at IAG Capital Partners, in a statement. "OpenDrives not only stands to capitalize on that, but with its powerful alliance with Ctrl IQ, is well-positioned to capture share in strengthening HPC and cloud computing sectors, which are expected to hit $10 billion and $832 million respectively by 2025."
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Los Angeles is home to around 5,000 startups, the majority of which are in their young, formative years.
Which of those thousands are poised for a breakout in 2021? We asked dozens of L.A.'s top VCs to weigh in. We wanted to know which companies they would have invested in if they could go back and do it all over again.
Boiling
<img lazy-loadable="true" src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vbWVkaWEucmJsLm1zL2ltYWdlP3U9JTJGaW1hZ2VzJTNGcSUzRHRibiUzQUFOZDlHY1EwRjdlRzlxY3JFd1lNVS12T2VTWng1NFd6VFdWUktaMFpyQSUyNnVzcXAlM0RDQVUmaG89aHR0cHMlM0ElMkYlMkZlbmNyeXB0ZWQtdGJuMC5nc3RhdGljLmNvbSZzPTEwMDImaD1jOGIyM2Y5YWNhNGNhNDY3NzZhNmUzNTU3MWI2YzAzNjcwOTU1Nzg0ODQxZDdiZGIyZjAxMzUxNjdkN2I5NWY2JnNpemU9OTgweCZjPTE2MDM4MjI5MTgiLCJleHBpcmVzX2F0IjoxNjY1MTY5NTcxfQ.iTVRhSe0UulUxSyMUZ4QA7_0njADdWe3QEJ28-xW6m0/img.jpg" id="a03b9" class="rm-shortcode" data-rm-shortcode-id="03faa4898896a9ce5be09d51dc104b73" alt="Pipe logo" />Pipe
<p><a href="https://www.pipe.com/" target="_blank">Pipe</a> provides financial services to help cloud service companies tap into their deferred cash flows, allowing them to continue growing without taking on debt or giving up ownership. For subscription-based businesses, this makes it "as if all of your customers converted to annual plans overnight," according to the company.</p><p>Founded by Harry Hurst, Josh Mangel and Zain Allarakhia, the company <a href="https://dot.la/pipe-taps-60-million-seed-extension-2646245409.html" data-linked-post="2646245409" target="_blank">raised $66 million of seed funding earlier this year</a> in a deal led by Craft Ventures and Fin Venture Capital.</p>Clash App Inc.
<p>Created by former Vine-r Brendon McNerney and entrepreneur and marketing expert P.J. Leimgruber, <a href="https://www.clashapp.co/" target="_blank">Clash App</a> is a short form video platform similar to TikTok, but without built-in sound libraries. It's geared toward empowering creators with innovative monetization options and inclusive communities.</p>XCLAIM
<p><a href="https://www.x-claim.com/" target="_blank">XCLAIM</a> has created an electronic platform where bankruptcy claims that take a notoriously long time to process can be digitally traded. Founded in 2018 by Matthew Sedigh, who has operated in the corporate restructuring field for more than a decade, the company says "rather than wait years for the bankruptcy court process to issue payment distributions, creditors can now access immediate liquidity by selling their claim to interested buyers." Earlier this year, it raised a $4 million seed round led from Luma Launch, First Round Capital and Freestyle Capital.</p>Simmering
<img lazy-loadable="true" src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vbWVkaWEucmJsLm1zL2ltYWdlP3U9JTJGaW1hZ2VzJTNGcSUzRHRibiUzQUFOZDlHY1JlR3QzLWlHSmFtYVJnLXNwSXVYcDc5N0xOdnpTYWhYYVloQSUyNnVzcXAlM0RDQVUmaG89aHR0cHMlM0ElMkYlMkZlbmNyeXB0ZWQtdGJuMC5nc3RhdGljLmNvbSZzPTYwNiZoPWU3NzNhYTkwODZkNmE4OWQwMWU0ZjZkODk0ODU1ZWEyZDIzMmU3YTYyNzJjYTU3Mzk3MmI0NmQ0NjAxMDY3YzMmc2l6ZT05ODB4JmM9MjQ3NDg5MDE0MiIsImV4cGlyZXNfYXQiOjE2NzAzMzU0NjB9.iqCUfvVUI22AGAz-QYPiS7XFb26sw3mGaU8seorLqxQ/img.jpg" id="44f84" class="rm-shortcode" data-rm-shortcode-id="cbdc9b0cdf21d3873eef2a40647ae810" alt="Freck Beauty logo" />Freck Beauty
<p><a href="https://freckbeauty.com/" target="_blank">Freck Beauty</a> manufactures beauty products intended to make the user feel seen. Remi Brixton, the company's chief executive officer, founded the startup in 2015 when she was in search of a freckle makeup product. When she couldn't find one, she launched her own, the FRECK OG. The East Los Angeles-based company raised an undisclosed amount of seed funding in a deal led by KarpReilly and Stage 1 Fund earlier this year.</p>The Skills
<p><a href="https://www.theskills.com/" target="_blank">The Skills</a> wants to be the <a href="https://dot.la/the-skills-2649267338.html" target="_self">master class on sports </a>and life. The Los Angeles-based startup launched two months ago and offers classes from gold medal Olympians — including swimmer Michael Phelps and volleyball player Kerri Walsh Jennings — and Grand Slam tennis Champion Maria Sharapova. In December, it closed a $5 million seed round backed by Boston-based Will Ventures, Global Founders Capital, 8VC, Maveron, Hack VC and Correlation VC.</p>Mapped
<p>Founded by Shaun Cooley, former chief technology officer of Cisco's Internet-of-Things (IoT) and Industries division, <a href="https://www.mapped.com/" target="_blank">Mapped</a> provides IoT services in El Segundo.</p><p>The company raised $3 million of seed funding in a deal led by Greycroft earlier this year, putting its pre-money valuation at $9 million. </p>DataPlor
<p>Created in 2016 by Geoffrey Michener, <a href="https://www.dataplor.com/" target="_blank">Dataplor</a> indexes micro-businesses in Mexico (and will soon be expanding to other countries in Central and South America) and sells the data to larger companies.The company relies on contractors in those countries to collect the information from local businesses. It raised $4 million from ff Venture Capital, Quest Venture Partners and Space Capital earlier this year and expects to use it to expand into more Latin American countries. </p>Grow Credit
<p>Launched by serial entrepreneur <a href="https://joebayen.medium.com/a-black-founders-guide-to-raising-a-2m-institutional-seed-round-a8687f95087f" target="_blank" rel="noopener noreferrer">Joe Bayen</a>, <a href="https://growcredit.com/" target="_blank">Grow Credit</a> helps customers improve their credit score by providing credit for subscription services like Netflix and Spotify. Their MasterCard can help consumers with thin or damaged credit scores and the small line of credit can be upgraded for a fee. The company closed a $2 million seed round earlier this year with participation from Mucker Labs.</p>Outer
<p>The two-year-old Santa Monica-based company has seen business boom during the pandemic as retail stores shut down and online orders surged. The direct-to-consumer outdoor furniture brand <a href="https://dot.la/outer-furniture-raise-2646187491.html" data-linked-post="2646187491" target="_blank">uses backyards as showrooms</a> and <a href="https://dot.la/how-outer-aims-to-disrupt-the-outdoor-furniture-industry-2647872107.html" data-linked-post="2647872107" target="_blank">raised $4.3 million in a seed round</a> earlier this year led by Mucker Capital. Founded by Jake Liu and Terry Lin, a former designer at Pottery Barn, <a href="https://liveouter.com/" target="_blank">Outer</a> aims to appeal to Restoration Hardware and Pottery Barn shoppers. </p>WhatNot
<p>A livestreaming reseller of collectibles like FunkoPop vinyl figurines, Pokémon cards and sports cards, <a href="https://www.whatnot.com/" target="_blank">WhatNot</a> taps into a growing retail trend and promises that the collectibles are verified, much like sneaker reseller GOAT. </p><p>The startup secured $4 million in seed funding this month from Scribble Ventures, Wonder Ventures, Operator Partners, Y Combinator, Liquid 2 Ventures, Twenty Two Ventures and other investors. The company plans to use the funds to expand into video games, comics books, designer toys and vintage fashion.</p>Fourthwall
<p><a href="https://fourthwall.com/" target="_blank">Fourthwall</a> is the developer of an internet platform that helps content creators launch fully-branded websites focused on interacting with fans. Their website tag phrase is "Make a living doing what you love," which is complemented by their model, which provides creators 100% ownership of their website and brand.</p><p>Founded by Walker Williams and Will Baumann, the company has raised $4 million to date, from investors Defy Partners, Lightspeed Venture Partners and Initialized Capital Management.</p>Shop LatinX
<p><a href="https://shoplatinx.com/" target="_blank">Shop LatinX</a> calls itself the "leading beauty, fashion, and lifestyle ecommerce designed by and made for Latinas." The brainchild of two Los-Angeles-based Latinas, Brittany Chavez and Raquel Garcia <a href="https://dot.la/techstars-la-2646304264.html" data-linked-post="2646304264" target="_blank">launched their website</a> before Black Friday in 2016. It features more than 200 brands.</p>First Resonance
<p>Founded by former SpaceX software engineer Karan Talati and Neal Sarraf, <a href="https://www.firstresonance.io/" target="_blank">First Resonance</a> promises to ease the workflow for manufactures with software intended to provide greater visibility into production and test product development lifecycle. The company raised $1.75 million of seed funding last year from Wavemaker Partners, Stage Venture Partners and PLG Ventures, among clothes.</p>Vurbl
<p><a href="https://vurbl.com/" target="_blank">Vurbl</a> offers curated, one-stop-shop of what it calls the best audio on the internet, which can include podcasts but also goes well beyond that from religious sermons to court arguments. The new platform founded by CEO Audra Gold is being built with the <a href="https://dot.la/vurbl-raises-1-3-million-to-build-the-youtube-of-audio-2647713757.html" target="_self">$1.3 million pre-seed round Vurbl closed in September</a> led by AlphaEdison with participation from Halogen Ventures and Ten13.</p>PocketWatch
<p>Former Disney executive Chris Williams founded <a href="https://pocket.watch/" target="_blank">the studio</a> that produces family-focused content from YouTube stars. This year it launched clock.work, an advertising agency designed to help major brands reach kids. Investors include Viacom, Greycroft, Third Wave Digital and United Talent Agency, along with strategic angels including Robert Downey Jr. and Jon Landau.</p>PocketList
<p><a href="https://pocketlist.app/" target="_blank">The app</a> allows renters to see and share apartments that will soon be available before they're listed — reducing the time properties sit vacant and potentially heating up competition among apartment hunters. It launched <a href="https://dot.la/renter-app-2646416605.html" data-linked-post="2646416605" target="_blank">earlier this year</a>. The company has $2.8 million in seed funding led by David Sacks' Craft Ventures along with Abstract VC, Wonder Ventures and angel investor Spencer Rascoff, co-founder of Zillow and dot.LA.</p>Quilt
<p>The audio-based social platform promises to be the spot for "live, supportive, feel good conversations—just like hopping on the phone with a friend when you need it most." It lets people start a conversation around any topic or join by listening. <a href="https://www.beta.wearequilt.com/" target="_blank">Quilt</a> raised an undisclosed amount of venture funding from Freestyle Capital in 2019.</p>Tonebase
<p>Founded by Abhi Nayar, Chris Garwood and Igor Licthmann, <a href="https://www.tonebase.co/" target="_blank">Tonebase</a> provides high-level music education online. Yale School of Music alumnus Garwood and Lichtman<a href="https://news.yale.edu/2018/01/22/first-person-how-we-are-bringing-high-level-music-education-masses" target="_blank" rel="noopener noreferrer"> told their alma mater that it built with the idea </a>that it was "a way for people everywhere to learn from the very best musicians around the world — individuals who, due to their busy performing and teaching careers, are traditionally accessible to only a select few." The company has raised an undisclosed amount from Launch fund, e.ventures and other undisclosed last May. </p>Second Spectrum
<p>Launched in 2013 by Jeff Su, Yu-Han Chang and Rajiv Maheswaran, <a href="https://www.secondspectrum.com/index.html" target="_blank">Second Spectrum</a> already has deals with the NBA and English Premier League. This year it scored another one with Major League Soccer to use its optical tracking system to evaluate and analyze performance. </p><p>Second Spectrum puts their tracking cameras inside the stadium. Machine learning and AI-powered analytics provide detailed data that helps coaches and others better understand the game from player speed and deceleration to shot velocity in near real time. That technology can also be used on broadcast platforms to give fans more insight. The company raised about $20 million backed by CAA Ventures, Raine Ventures and The Chernin Group in 2018.</p>Toucan
<p>Founded by CEO Taylor Nieman, Shaun Merritt and Brandon Dietz, <a href="https://dot.la/slingshot-aerospace-ceo-2646797521.html" data-linked-post="2646797521" target="_blank">Toucan</a> is a Chrome browser extension that lets people learn a new language. It scans websites you visit and translates some words into the language you want to learn. The Santa Monica-based company most recently raised a $3 million round backed by GSV Ventures, Amplifyher Ventures, and Wonder Ventures, among others. </p>Serve Automation
<p>Created by former SpaceX engineers, <a href="https://serveautomation.com/" target="_blank">Serve Automation</a> aims to change the way foods get delivered. It has secured $7 million in a seed round and is operating in stealth mode. </p>- Meet 3 Early Stage Science Startups at First Look's Showcase - dot.LA ›
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