Syncbak Inc., a Cedar Rapids-based video streaming company, plans to double its workforce over the next six months as it searches for new office space in the Corridor.
CEO Jack Perry told The Gazette the company plans to hire around 40 new employees across all departments. The company currently employs 40.
Syncbak, founded in 2009, develops hardware and programs to simulcast live video to online platforms. It counts Hulu, Amazon and the NFL among its customers.
The company has raised $22.4 million over four funding rounds as of 2016, according to database Cruchbase, including a $9.5 million investment from CBS.
Pitchbook, a venture-capital analysis site, said Syncbak was the most valuable VC-backed in Iowa earlier this February, valuing the company at $100 million.
Syncbak said it handles millions of hours of livestreaming annually between major broadcast networks and its local affiliate stations. Perry believes the company’s growth will come by cornering the market for distributing local streams and events such as concerts or political debates.
“I knew if I could control local streaming, 210 versions of each individual networks and delivering them to all the different players that needed them ... then we could become very good and we’d be in the driver’s seat to do hyperlocal streaming,” he said.
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The company also is looking for between 20,000 to 30,000 square feet of office space in the coming months, as Perry said it’s outgrown the 10,000 square feet at its current home at 1715 First Ave. SE.
It’s possible the company could move out of Cedar Rapids, but Perry doesn’t plan to leave Eastern Iowa.
“On the technical front and business development front and all that, it’s right here in the Corridor, so we might as well hire here and stay right here,” he said.
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