Imagine Communications Ltd. has closed a financing round of $9.2 million. As first reported in “Globes” a month ago, the company raised $4.5 million from Carmel Ventures and was set to raise a similar sum from a US investor. The company’s announcement today revealed that the other investor is US venture capital firm Columbia Capital, which invested $4.7 million.
Imagine Communications develops platforms for enhancing video-on-demand (VoD) and Internet Protocol television (IPTV) broadcasts. The company plans to conduct a preliminary trial of its flagship product, ‘Personalized TV’ at the SCTE Cable-Tec Expo in Denver at the end of June.
Imagine Communications was founded in late 2004 by CTO Ron Gutman and VP Engineering Doron Shmaltz. The CEO is Fred Cary, who is based in the US. The company has held almost no financing rounds to date. Its previous financing round was from private investors at a much lower company value.
The company has 20 employees at its development center in Netanya, and will use the proceeds from the current round to complete product development and to operate until it reaches the sales stage. The company also plans to expand its development center and hire dozens more staff.
This is Columbia Capital’s second investment in an Israeli digital broadcasting company. The fund previously invested in WiNetworks Inc., which provides wireless solutions for end users.
Published by Globes [online], Israel business news - www.globes.co.il - on May 1, 2006
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