Ottawa's Celtic House Venture Partners has co-led a syndicate that put in $15 million of second round financing into Waterloo, Ont.'s Avvassi Inc., which is trying to develop software that enables mobile network providers to measure, improve and monetize mobile video. The other co-leader was Tech Capital Partners, also of Waterloo. Among the investors is the provincial Ontario Emerging Technologies Fund. The money will help accelerate Avvasi's product development, said company CEO Mate Prgin in a news release. No date for the release of the product was announced.
The press release noted that Avvasi's founders are well-known to Celtic House, as they were previously part of the engineering team at Waterloo-based PixStream Inc., a Celtic House Fund I portfolio company. PixStream, which made video distribution hardware and software, was acquired by Cisco Systems Inc. in 2000 for US$369 million, which at the time was good for PixStream founders. Unfortunately, the dot-com implosion forced Cisco to focus on its core business, so less than a year later it gave the Pixstream division the axe. That hasn't stopped Cisco from talking up the opportunities for video since then. 
 
[Editor's note: An earlier version of this blog indicated that Celtic House was controlled by entrepreneur Terry Matthews. That was true up until 2002, when several partners bought him out.]

Would you recommend this article?

0
0
Thanks for taking the time to let us know what you think of this article!
We'd love to hear your opinion about this or any other story you read in our publication. Click this link to send me a note →

Jim Love, Chief Content Officer, IT World Canada


Related Download
Moving to the Cloud: Beyond the Myths Sponsor: Carbon60
Moving to the Cloud: Beyond the Myths
Get on the road to cloud success by moving past the myths around it.
Register Now
Uncategorized