S4C and Wesley Clover lead £9.5 Million investment in IPTV pioneer Inuk NetworksThursday, June 5th, 2008
Inuk’s Freewire triple-play platform set to expand in UK, Ireland and North America
LONDON, UK — Inuk Networks today announced that it is has completed a £9.5 million second round of funding led by broadcaster S4C and venture capital firm Wesley Clover. The Inuk executive team will use this investment to further develop its Freewire triple-play platform in the UK, as well as expanding into Ireland and North America.
The investment by S4C has been made through its commercial subsidiary S4C Digital Media Ltd (“S4CDM”) using commercial revenues only.
Iona Jones, S4C’s Chief Executive and Chair of S4CDM, and David Sanders, a director of S4CDM, will both join the Inuk board of directors which is chaired by Simon Gibson OBE.
“This is an exciting time for Inuk, with our Freewire service already available in over 100,000 student rooms in the UK and growing fast,” said Marcus Liassides, CEO of Inuk Networks. “S4C and Wesley Clover are providing the means to allow Inuk to further enhance our technology platform and to continue to redefine the way people watch TV.”
Iona Jones, S4C’s Chief Executive, added: “This investment represents a coming together of S4C’s commercial ambitions and our understanding as a broadcaster of the importance of new methods of delivering content to consumers. We believe that Freewire is a compelling proposition and has the potential to become a mainstream digital television platform.”