Parsec Secures $25M Funding to Enhance Remote Work & Cloud Gaming

Parsec, a company specializing in streaming technology designed for both professional applications and entertainment, has announced the completion of a $25 million Series B funding round.

According to data from Crunchbase, this latest investment increases Parsec’s total funding to $33 million. The funding round was spearheaded by Andreessen Horowitz, with general partner Martin Casado now joining the company’s board of directors. Existing investors, including Lerer Hippeau, Makers Fund, NextView Ventures, and Notation Capital, also contributed to this round.

Benjy Boxer, the company’s CEO, explained to me that since its founding in 2016 by himself and CTO Chris Dickson, the core goal has been “to simplify access to technology, software, and content for individuals, regardless of location or device.”

Initially, the company focused on enabling gamers to connect to their gaming computers from various devices; the Parsec application is currently compatible with Windows, Mac, Linux, Android, Raspberry Pi, and web browsers.

Boxer stated, “Our initial belief was that if we could create a superior experience for gaming, it would naturally translate to success in other areas.”

The expansion into other applications occurred organically, as some users who utilized Parsec for gaming during their leisure time also worked in fields like TV production, video game development, or other professions requiring access to powerful workstations. This led to the launch of Parsec for Teams earlier this year, offering a similar low-latency remote access experience, alongside added security features like encryption, user group permissions, and collaborative file access.

“Parsec delivers a level of performance that surpasses other solutions available,” Boxer noted. “Users often don’t even realize they are utilizing the Parsec platform.”

Parsec currently collaborates with prominent gaming companies such as EA, Ubisoft, Blizzard Entertainment, and Square Enix. Its technology is also being adopted in sectors like architecture, engineering, and the video broadcast, production, and post-production industries.

The demand for solutions like Parsec has grown significantly due to the recent pandemic. Boxer reported that customers are experiencing time savings of over an hour per day for their employees by eliminating commutes and providing rapid access to workstations, instead of waiting extended periods for large file downloads – for example, a 100 gigabyte file.

Furthermore, many of these clients anticipate a continued trend of partial work-from-home arrangements even after the pandemic subsides.

“In this scenario, employees can access their office computers remotely using Parsec, ensuring consistent accessibility,” Boxer explained.

Regarding consumer usage, he mentioned that the previous peak in usage during weekends has leveled out during the pandemic, with consistent activity throughout the week, indicating “people are gaming constantly.”

Boxer concluded that the company will continue to refine the core platform, benefiting both gamers and enterprise users, while a dedicated team focuses on developing administrative and collaborative functionalities.