ProVision Communications Secures Venture Capital Funding for a Bright Future in Wireless VideoWednesday, January 23rd, 2008
Bristol-based ProVision Communications, which specialises in digital wireless video technology, has secured £750,000 in venture capital funding from the YFM Group-managed South West Venture Fund, Finance South West Growth Fund and NESTA Investments.
ProVision Communications, a spin-out from the University of Bristol, develops wireless video solutions for global clients, ranging from in-home media gateways to wireless video systems for sports and other spectator events. The company’s expertise covers most wireless standards, including WiFi, WiMAX and DVB-T.
ProVision’s technology has been proven in demanding situations and recently was successfully used to enable real-time multicast video streaming over WiFi at the 2007 World Rally Championship (WRC) Wales Rally GB. Spectators in the hospitality area were able to select from a choice of video channels showing different parts of the rally course, using WiFi enabled PDAs and smartphones equipped with ProVision’s software decoder.
Following successful demonstration of the technology, ProVision has been invited by the Government’s UK Trade & Investment export support body to showcase its wireless products at the GSMA Mobile World Congress 2008 in Barcelona in February.
David Sykes, CEO of ProVision, said: “After several years as a successful consultancy working for world-leading companies such as the BBC, Mitsubishi and Sky, we have identified an outstanding market opportunity which will enable us to develop into a technology-led consumer products company.”
He continued: “We are very pleased to have secured this investment which, combined with our world class expertise in wireless video technology, means we are well-positioned to meet the challenges ahead.”
Julian Dennard, Senior Investment Manager at YFM Group, managers of the South West Ventures Fund, added: “We are very pleased to have made this investment and look forward to working closely with ProVision Communications. With increasing demand for wireless products providing ease of connectivity and installation, there is potentially a huge market for its innovative offerings.”