Over-the-top TV specialist Tvinci has received US$4.5 million (€3.5 million) in additional funding that it says it will invest in the development of its OTT 2.0 platform and in expanding its sales presence overseas.
The round was led by the Israel-based company’s existing investors, Kaedan Capital and Zohar Gilon, and new investor Trellas Enterprises.
Ido Wiesenberg, vice-president, business development, Tvinci, said that the additional finance would enable Tvinci to “invest in the product and make sure we can monetise the platform and also expand to other territories”.
In terms of platform development, Wiesenberg said the company would invest heavily in the social element in OTT TV, while Tvinci will also seek to expand its sales efforts, especially in the Asia Pacific region.
“The money will be used for international expansion and to continue to invest in the product. We will put lots of emphasis on social to allow operators to distinguish their services and distinguish between companion screen mode and the lean back viewing experience,” he said. Wiesenberg said Tvinci expected to announce a new Asian customer early next year.
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21 October 2020 @ 12:30:00 UTC