A Kanata firm hopes millions of dollars in new funding will help it turn more cord-cutters on to its technology that records over-the-air TV broadcasts and streams them to devices such as smartphones.
Nuvyyo said Tuesday it has closed a $6-million series-B financing round led by Ottawa’s Celtic House Venture Partners, which also backed the company’s $4-million series-A round back in 2013. Export Development Canada also participated in the latest round.
Founded in 2010, Nuvyyo makes hardware and software that caters to viewers who access TV broadcasts via old-school antennas rather than cable or satellite feeds.
Nuvyyo has a two-pronged revenue stream. In addition to its flagship hardware, a DVR called the Tablo that records over-the-air programs, the company also sells subscription-based software that gives viewers a grid-based TV guide and allows them to stream recorded shows on other devices such as smartphones, tablets and laptops.
About 95 per cent of its customers are in the United States, where the Tablo is found in Best Buy stores and sold on Amazon. But CEO Grant Hall says the company is only scratching the service of its potential south of the border.
“The U.S. is a huge market and even though we’re extremely successful, we’re still really only satisfying a fraction of that market,” Hall says. “There’s still plenty of opportunity to grow our U.S. presence.”…