Playcast Raises $10 Million from JVP and MK Capital
From: PRNewswire - LOS ANGELES, Jan. 25, 2011
To expand its growing global video game streaming service, Playcast Media Systems Ltd. announced today that it has raised $10 million in Series B financing from MK Capital, a Chicago/Los Angeles-based venture fund specializing in digital media, and JVP, a leading Israeli venture capital firm focused on media, technology and content. Existing shareholders Xenia Venture Capital and C.Mer Industries also participated in the round. Playcast, a provider of AAA quality video-game streaming channels to multi-system operators (MSOs) and telecommunication companies, launched its initial European service in November of last year.
Along with the investment, Playcast has also appointed to its Board of Directors Gadi Tirosh, a JVP partner and a former senior executive at NDS, the global leader in pay-TV technology, and Yair Landau, MK Capital's Los Angeles-based partner and the long time Vice Chairman of Sony Pictures, where he built and managed its Digital Entertainment division including Sony Online Entertainment, a leader in MMO Gaming.
"The Playcast service combines the latest in cloud computing with top-tier content to provide a AAA experience over existing pay-TV and cable networks," said Guy de Beer, Playcast Media CEO. "The partnership with JVP and MK Capital, with their deep understanding of the global media technology space, allows us to continue to grow throughout the world following the success we have experienced in Europe and Asia."
Landau stated: "Playcast has solved some very complex technological problems enabling a new and broader game-playing audience to experience console-level interactivity through their existing digital set-top boxes. With its unique technology, numerous game-publisher agreements and worldwide MSO/Telco relationships, Playcast is poised to build a meaningful business around the world. We are very excited to help Guy and his team take Playcast to the next level."
Tirosh added: "Playcast is at the nexus of some of the most powerful trends in the media business today – turning media from DVD sales and broadcast to on-demand streaming, enabling a new release window for AAA games, over-the-top TV services and the introduction of cloud computing to media services. This new investment allows Playcast to tap into a new pool of resources and expertise and position itself as a de-facto leader in the cloud gaming space."