Avvasi Raises $15 Million To Help Operators Monetize Video
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More money being invested into the mobile video space, this time at the infrastructure end: Avvasi, a Canadian developer of software and hardware to help mobile operators optimize and monetize mobile video, has raised $15 million in a second round of funding. Existing investors participated including the Canadian VCs Celtic House Venture Partners and Tech Capital Partners. Ontario Emerging Technologies Fund also participated.
Mate Prgin, CEO of Avvasi, says that the company has “several” operator customers of different sizes both in North America and Europe, but declined to give their names. He also would not disclose how much money his company has raised to date. The company is due to release its first commercial product during the Mobile World Congress in Barcelona later this month. The funding will be used to speed up its product-release schedule.
“A dramatic shift in the mobile handset market towards smartphones and 3G/3G+ connected laptops has resulted in an exponential growth of mobile data traffic,” Celtic House Partner Brian Antonen says in the release. “Streaming video is one of the fastest growing categories of mobile data traffic and is becoming an increasingly significant revenue driver for wireless carriers. Avvasi provides cost-effective and highly scalable solutions that enable carriers to capitalize and profit from these trends.”
Some of Avvasi’s founders had come from the IPTV technology company PixStream, which was acquired by Cisco (NSDQ: CSCO) in 2000.
Posted In: Mobile, Money, M&A & Venture Capital, Venture Capital
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