Jumia Technologies Inc., a Silicon Valley startup that is developing high-speed communication and network infrastructure, said Wednesday it has raised $10 million in new financing to accelerate the pace of the development of its products and services, including the ability to deliver high-quality video content to remote users in areas with limited broadband connectivity.
The company said the round was led by Deutsche Telekom AG and the Chinese sovereign wealth fund.
It said the fund also owns a controlling stake in the company.
Jumia is developing a network-based solution for high-bandwidth communications and high-capacity data storage and sharing that it says can improve the performance of large-scale network infrastructure.
The company has not disclosed the scale of the network, but the company said it plans to launch the system by the end of 2020.
Jumsa Technologies is also building the company’s next generation video-processing and video-storage systems that it said would allow for more sophisticated video content processing and storage.
The system is designed to replace traditional video and audio recording equipment.
In its announcement, Jumias new chief executive officer, Chris McBride, said the funding is for a “massive investment” to help the company “develop and deliver the next generation of technologies for video, audio, data, and voice communications, data and voice streaming and data storage.”
The company is developing technology to allow users to stream video and text content to each other and remote devices from anywhere in the world.
McBride said the company also has a new service, Jumsa Voice, that enables users to communicate with remote users.
The announcement comes as Jumiales technology continues to develop and improve.
The video streaming system, which was introduced in January, allows users to receive videos and audio files that are stored locally on the users device and uploaded to a server.
The Jumsia technology also provides the ability for remote users to watch video and music on the Jumsias servers.JUMIA also is building a system that can be used to deliver real-time information from remote devices to users.
Jumsas video-sharing service, the Jumiya Mobile App, is available on smartphones and tablets, and the app allows users with different locations to communicate and share video and other media.
Jummias latest news release follows similar news releases from last week.
The first news release was issued on March 9.
The second was issued in mid-April.
Jumiah announced its fourth-quarter results on April 15.
The news release says that the company expects revenue to increase from $11.7 million in the fourth quarter to $18.2 million in fiscal 2021.
Jummias revenues are expected to increase to $26.7 billion by the third quarter of 2021.