A Halifax company that developed industry-leading software is enhancing its product and rolling it out to the marketplace with investment from the province.
aioTV Inc., or all-in-one TV, has secured $1 million in venture capital financing from Innovacorp. The company produces a cloud-based video delivery platform that telephone companies, cable companies and other broadband service providers can use to let their customers find and watch their favourite video content, regardless of source.
"Innovative start-ups like aioTV play a critical role in growing our province's economy," said Economic and Rural Development and Tourism Minister Percy Paris. "We're proud to be investing in a company that is going to compete in the global marketplace from its home in Nova Scotia. This investment supports the innovation priority of jobsHere, our plan to grow the economy."
aioTV's technology combines the latest video content from the internet, live cable TV channels, and video-on-demand into a unified, personalized, convenient and user-friendly interface. Viewers get a TV-like experience they can enjoy on multiple devices, from smartphones and internet-enabled TVs, to iPads and Android tablets, and personal computers.
"This is such a hot market space to be in right now. The way we watch video content is evolving, and the industry must adapt in order to remain relevant and grow their subscriber base," said Greg Phipps, Innovacorp's director of investment. "The aioTV solution allows these companies to give their viewers the choice, control, quality and access they now demand."
Mexico's Maxcom Telecomunicaciones was first to market in North America using the aioTV platform to offer its next generation multi-channel video service, branded Yuzu, to more than 350,000 subscribers. In the U.S., there are numerous top-tier service providers under contract and poised to launch their own branded aioTV platform in early 2012.
aioTV was a finalist at the 2011 TelcoTV Vision Awards, which honours outstanding innovation in the telecommunications industry. The product was recognized in the category of innovation in consumer viewing experience and interactivity.
Founded in 2010 by Michael Earle, a veteran executive from the cable television sector and a seasoned entrepreneur, aioTV has six developers in Halifax. The company will expand the team to 12 employees by spring 2012.
"Viewers love the TV-like personalized experience. Our distribution partners love our business model because they can brand it as their own, offer more value to subscribers, and cash in on multiple revenue streams," said Mr. Earle, aioTV CEO. "We're confident we have a superb product offering, and we're pleased to work with investors like Innovacorp as we grow our venture."
For more information, please contact:
Marketing & Communications
424.8670 x 1189
Halifax, Nova Scotia, November 29, 2011