Vantrix, whose technology helps push multimedia content like video onto mobile phones, has raised a $12 million Series B financing, led by Chicago-based JK&B Capital. Previous investors SummerHill Venture Partners (Bell Canada), Entrepia Ventures, BDC Venture Capital and Innovacom (France Telecom) also participated in the round.
Vantrix says it will use the funding to grow geographically — a new sales/R&D centre in Bangalore and a bigger New York office — and to put more money into infrastructure and R&D. Vantrix is led by Manish Jha, former GM of Disney’s (now defunct) Mobile ESPN “virtual” carrier. The Montreal-based company has recently moved much of its sales and marketing team to its TriBeCa office. Customers include NY’s Thumbplay and ABC News. Release after jump.
Vantrix Secures $12 Million in Series B Funding
New York City, NY, September 12th, 2007. Vantrix Corporation (www.vantrix.com <http://www.vantrix.com/> ), a leading provider of mobile multimedia adaptation and delivery solutions, today announced that it has secured USD $12 million in Series B financing, led by Chicago-based JK&B Capital. Existing investors SummerHill Venture Partners (the venture arm of Bell Canada Enterprises), Entrepia Ventures, BDC Venture Capital, and Innovacom (the venture arm of France Telecom), have also participated in this round. Vantrix will use the proceeds from the Series B round to expand the company’s operations globally and to invest in infrastructure and R&D to support the company’s rapidly growing customer base.
“Media companies and wireless operators face two types of problems when it comes to stimulating consumption of mobile content: device fragmentation and the lack of scalable business models,” said Ali Shadman, Partner at JK&B Capital, who has also joined Vantrix’s board of directors. “Vantrix possesses the intellectual property and vision to solve both problems and facilitate the mass market adoption of mobile media. Vantrix’s unique technology and strong management team makes a very powerful combination. We are excited to help Vantrix capitalise on the many opportunities ahead.”
Joe Catalfamo, Managing Director of SummerHill Venture Partners, added, “Vantrix’s market momentum is remarkable and continues to accelerate. Live video and audio streaming and delivery, video over WAP and cross-platform multimedia alerts are some of the applications that Vantrix powers and we believe the company is poised for very significant growth in the coming years.”
“We are proud to see our strategy validated by this new round of financing,” commented Manish Jha, CEO of Vantrix. “Delivering rich media on mobile phones should not be hindered by obstacles such as the fragmentation of devices, screen sizes, codec types, content formats, media player characteristics and network incompatibility issues. Vantrix helps content providers and carriers worldwide overcome these barriers to deliver ubiquitous and compelling new mobile services to consumers.”
In conjunction with the financing, Vantrix also announced the opening of a new sales and R&D office in Bangalore, and the expansion of its New York office.