Personalized TV technology co Imagine raises $4.5m1
Imagine raised the finance from Carmel Ventures and is set raise a similar sum in the US. Shmulik Shelah 30 Mar 06 17:10
The personal television sector is warming up with the news that start-up Imagine Communications (Imagine) has completed a first substantial financing round. Sources inform ’’Globes’’ that the company, which develops technologies for video on demand (VOD) and Internet Protocol TV (IPTV), raised $4.5 million from venture capital firm Carmel Ventures and is set to raise a similar sum from an investor in the US.
The present financing round for Imagine, which was founded by Ron Gutman and Doron Segev, is a substantial vote of confidence in the company by the venture capital sector. Imagine previously raised substantially less funding from private investors. The company, which employs 20 people, mostly engineers at its R&D center in Netanya, is optimistic about the prospects of raring further finance and hopes to launch its product at a trade show within a few months.
The proceeds from the round will enable Imagine to continue operating until the sales stage. The company plans to recruit another 20 employees, mostly engineers to enable it to meet its schedule.
The the hottest market for personalized TV is in the US, where Imagine has a marketing subsidiary. The company’s optimism stems from the rapid development of VOD technologies. The latest expansion in Internet related technologies has generated products that enable IP to be used in television broadcasting. This is a field that has drawn massive investment from the world largest cable and entertainment companies and consequently, Imagine’s potential clients include giants such as Time Warner and cable companies in the US. The company’s product will enable video and broadcast processing of a higher quality than that currently offered by cable companies.