Israeli TV to smartphone audio company Tunity has announced a $12 million Series A financing round from existing investors including former Morgan Stanley CEO John Mack and WeWork founder and CEO Adam Neumann, as well as new investors, including MGM Resorts International. Headquartered in New York and with its development center in Tel Aviv, Tunity has developed deep learning and computer vision based technology to produce an app that allows users to stream and hear live audio from muted televisions directly on their smartphones.
Tunity will use the funding to complete the development of its data product, which is already attracting significant interest from television networks and advertisers, as well as to enhance its patented cloud-based Deep Learning and Computer Vision technology. Since its launch, the Tunity app has been downloaded more than 1.5 million times, further proving the company's value proposition to consumers through organic adoption and continued usage.
After a user scans a nearby television screen, the Tunity app identifies the live video stream and its exact timing, syncing the audio with the user's mobile device. Tunity currently works with more than 100 channels in the United States, including FOX, CBS and ESPN.
Tunity founder Yaniv Davidson said, "With more than 20% of Americans watching television outside of the home, today's announcement brings us one step closer to transforming the way consumers interact with live programming they want to watch but can't hear. Measuring these out-of-home audiences has tremendous value to brands and the networks. Extracting Tunity's unique data insights will provide better understanding of viewing habits, and lead to more effective ad buying decisions."
Tunity and MGM Resorts will also be launching a strategic partnership. MGM Resorts will utilize Tunity's patented technology to enhance their guests' experience and drive greater customer engagement, enabling its guests to hear any TV at its properties through their mobile applications.
"We are happy to invest in Tunity and its incredible technology, and are excited to partner with the company to further enhance the experience for guests within our resorts and beyond," said Steve Zanella, MGM Resorts' President of Core Properties, Las Vegas. "We are always looking for new ways to elevate the guest experience, and Tunity's technology will help us continue to lead the industry with an innovative and engaging approach to our customer experience."
Published by Globes [online], Israel business news - www.globes-online.com - on February 22, 2018
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