ProVision Communications, a
ProVision Communications, which specialises in digital wireless video technology, has secured Gbp750,000 in venture capital funding from the YFM Group-managed South West Venture Fund, Finance South West Growth Fund and NESTA Investments.
ProVision Communications, a spin-out from the
ProVision's technology has been proven in demanding situations and recently was successfully used to enable real-time multicast video streaming over WiFi at the 2007 World Rally Championship (WRC) Wales Rally GB. Spectators in the hospitality area were able to select from a choice of video channels showing different parts of the rally course, using WiFi enabled PDAs and smartphones equipped with ProVision's software decoder.
Following successful demonstration of the technology, ProVision has been invited by the Government's UK Trade & Investment export support body to showcase its wireless products at the GSMA Mobile World Congress 2008 in
David Sykes, CEO of ProVision, said: “After several years as a successful consultancy working for world-leading companies such as the BBC, Mitsubishi and Sky, we have identified an outstanding market opportunity which will enable us to develop into a technology-led consumer products company.“
He continued: “We are very pleased to have secured this investment which, combined with our world class expertise in wireless video technology, means we are well-positioned to meet the challenges ahead.“
Julian Dennard, Senior Investment Manager at YFM Group, managers of the South West Ventures Fund, added: “We are very pleased to have made this investment and look forward to working closely with ProVision Communications. With increasing demand for wireless products providing ease of connectivity and installation, there is potentially a huge market for its innovative offerings.“
For further information about YFM Group and South West Ventures Fund, please log on to www.southwestventuresfund.co.uk or email firstname.lastname@example.orgFor further information about Finance South West visit: www.financesouthwest.co.uk