Investors put $ 100 million in video conferencing app Mmhmm

Mmmm has successfully completed a second round of financing with the equivalent of around 85 million euros. Most of the money came from Japan.

Following the trend towards video conferencing in the corona pandemic, the business with services for the new world of work is heating up. The one year old app Mmhmm, which aims to improve video conversations on platforms like Zoom with additional functions, received 100 million US dollars (around 85 million euros) in its second round of financing on Wednesday.

They actually hadn’t even planned to raise fresh money after the start-up financing of 36 million dollars – “but suddenly there was so much interest from investors,” said the founder and head of Mmhmm, Phil Libin. He hopes that he will have enough money in the bank until the business is self-sustaining in a few years. The leading investor in the financing round is the Japanese technology group Softbank.

Only occasional personal contacts

At the beginning of the pandemic everyone was forced to switch to video conferencingsaid Libin. But even now, with the gradual opening of the offices, hybrid working remains – because it is more efficient. The times when you are stuck in a traffic jam in the morning and in the evening and only have a few hours with your family would not come back for many office workers. “How can I tell people in my company: I am now taking hours away from your day. That would be crazy. “

Instead, people will use much more teleconferencing and recorded video messages at work, and will only meet occasionally for personal contacts. “This change affects all aspects of society that we have built up over the past 50 to 70 years,” emphasized Libin. And a whole new industry is emerging that is geared towards services for future work models – “that is what makes the business so interesting for investors”.

To the functions of Mmhmm One of the options is the ability to fade in a presentation while the speaker remains in the picture like a newsreader. Another innovation is “Big Hands”: the software recognizes gestures made by a user, such as raised and lowered thumbs – and fades in a larger hand drawn over them so that they can also be easily seen in the small gallery view. dpa

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