How remote learning helped Splashtop become latest unicorn
San Jose, California-based Splashtop has become the latest entrant into the hallowed halls of the tech unicorn (a startup worth over $1bn).
The remote access and support firm has raised almost $100mn across five rounds since its 2006 foundation. Its latest Series E saw the company receive $50mn from lead investor Sapphire Ventures, alongside Storm Ventures, New Enterprise Associates and DFJ DragonFund.
Demand for remote education
While not only a provider to education institutions (its customers include 85% of the Fortune 500 including Disney, FedEx and Totoyta), the company said that it was seeing strong demand for remote schooling - particularly in Europe, where it increased its customer numbers ten times between the second and fourth quarter of 2020.
"The COVID-19 pandemic has made remote access imperative in many situations, including the ability for students and faculty to use on-campus computer lab resources even when school facilities are closed," said Alex Draaijer, Splashtop's general manager for Europe, the Middle East and Africa (EMEA).
"Throughout Europe, and especially in the UK, France and Germany, we've seen a rapid escalation of demand for our remote access solution for computer labs, driven largely by word-of-mouth recommendations from one school to another."
Remote access vital during COVID-19
The company offers a solution to the problem that comes from being physically separated from the powerful computers necessary to operate specialist software like the Adobe Creative Suite, various computer-aided design solutions or 3D modelling software. Its solutions duly allows anyone to use their own devices to access these resources remotely - useful for both remote learning and working.
"Our sustained profitability and growth—which accelerated during the COVID-19 pandemic—validate that Splashtop's next generation remote access solution is making a real difference in how, where and when people can use the digital resources they need to work, learn and be entertained," said Mark Lee, co-founder and CEO of Splashtop.
(Image: Splashtop)
