Ottawa-based Nuvyyo, which creates software and hardware in the television and home media space, has raised a $6 million CAD Series B round of financing, bringing its total funding to date to $10 million.
“Although the global economy faces ongoing uncertainty, Nuvyyo is well-positioned for success.”
– Eugene Siklos, EDC
The round was led by Celtic House Venture Partners and received participation from Export Development Canada (EDC) through its investment matching program. The funding will be used by Nuvyyo to accelerate the production of its Tablo Over-the-Air (OTA) digital video recorder (DVR), which allows consumers to browse, record and stream television programs without the need for program subscriptions.
“Use of Over-the-Air TV antennas is up more than 50 percent over the past eight years as traditional pay-TV providers consistently report record quarterly subscriber losses,” said Grant Hall, CEO of Nuvyyo. “This presents a tremendous opportunity for us to grow the Tablo brand with OTA [Over-the-Air] TV consumers and this infusion of working capital will help us meet the increased demand for Tablo DVRs via both retail and direct-to-consumer channels.”
Unlike satellite, cable, or Internet protocol television, OTA TV is a type of broadcasting in which a television signal is transmitted by radio waves from an Earth-based transmitter of a television station to a TV receiver with an antenna.
Nuvyyo’s Tablo OTA DVRs allow users to watch and record free OTA television, helping what it calls “cord-cutters” to move away from using cable and satellites for their television experience. The company has developed a DVR system that combines a physical device with software apps for smartphones, tablets, computers and streaming set-top-boxes that allow customers to watch TV from multiple devices…