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ON24 Raises $8 Million for Virtual Events
Virtual events provider ON24 announced this morning that they have raised over $8 million in equity and expansion capital financing, bringing their total to $46 million venture capital raised to-date. U.S. Venture Partners, Canaan Partners, and Rho Ventures led the equity round; while Gold Hill Capital led the expansion capital financing. The company notes that the funding will be used to "accelerate ON24’s global expansion of the sales, marketing and client services organizations; and product development initiatives, including ON24 Virtual Show and the company’s flagship webcasting platform."
ON24 reports sales growth of 40% year-over-year. ON24 offers a "Virtual Show" product (see screenshot below). I get the idea of virtual (i.e remote) conferences and the associated cost benefits. But does it need to look like a virtual world too? I’d prefer a simple Web page with the different rooms and events rather than this silly, goofy mall-like atmosphere. What’s the cost to build these virtual worlds? I am guessing there are some standard setups but I am sure that most exhibitors want something custom. Just because something is x in real-life, doesn’t mean that online we need to recreate x.
Hi Allen,
Your comments are well taken. With regard to the look-and-feel of the environment, you are correct that exhibitors and organizers may want a more custom look.
We built ON24 Virtual Show so it can be easily customized. As long as the jpg or png image meets our specs, the back image can be replaced. Everything is built in flash, so we can work with the customer to add the hotlinks.
Best,
Cece Salomon-Lee
Sr. Marcom Manager
ON24, Inc.
We definitely see what you mean. Not sure how serious I could take a virtual meeting if I have to look at my walking avatar wearing a cheap suit.
I think you missed the point. Virtual world represent a generational shift in learning and business intelligence. It shifts the landscape from a text driven environment to a rich media environment customized to the end user. The simple web page proposition you propose is based in the idea of “dial up days” long gone. Is this virtual product revolutionary? No. Is this product the future? Absolutely.
Do you Know Brainsonic? It’s a French society wich offer WebTV to customers in order to answer a crm strategy. For me it’s what is missing to ON24, which offer concentrate only in online event…
@madeline To clarify, we have something similar called an eMedia Center which allows companies to host different rich media content in a central location. Registration is included for those seeking lead generation. This particular posting was around our virtual show solution which launched earlier this year. Best, Cece Salomon-Lee, ON24