RealTime IT News

Optivision Snags $5 Million to Accelerate Streaming Video

Optivision Inc. announced Monday that it has closed the first stage of a round of financing worth approximately $5 million.

The first stage, involving a private source, has been structured as a bridge loan until completion of the total financing of at least $5 million. The bridge loan will be used for working capital to support the company's short term production plans in preparation for several expected large orders and to support initial market expansion plans.

"We are extremely pleased with this bridge financing as our first step in expanding the market opportunities for our leadership network streaming video products," said Michael Liccardo, chairman, president and chief executive of Optivision.

"Optivision has established itself as the leading supplier of network attached streaming video products with the largest installed base, worldwide. Now that broadband networks are becoming increasingly ubiquitous, the business opportunities for broadcast quality MPEG streaming video applications are mushrooming. This round and future financing, will assist Optivision in expanding its business development activities and accelerate exciting new product development based on new patented technology."

Optivision has strengthened its technology portfolio as the result of a joint filing of a patent application by Intel Corp. for next generation streaming video technology. The technology included in this patent, as well as future patents, will position the company in the emerging broadband Internet market for streaming video solutions. Optivision intends to integrate the new patented technology with its existing client/server software for a next generation broadband streaming video solution.