Ottawa-based Nuvyyo has raised a $6 million CAD Series B round of financing, to be used to accelerate the production of its Tablo Over-the-Air (OTA) digital video recorder (DVR), which allows consumers to browse, record, and stream television programs without the need for program subscriptions.
“Use of Over-the-Air TV antennas is up more than 50 percent over the past eight years as traditional pay-TV providers consistently report record quarterly subscriber losses,” said Grant Hall, CEO of Nuvyyo. This capital will help them meet the increased demand for Tablo DVRs via both retail and direct-to-consumer channels.
Unlike satellite, cable, or Internet protocol television, OTA TV is a type of broadcasting in which a television signal is transmitted by radio waves from an Earth-based transmitter of a television station to a TV receiver with an antenna. Its OTA DVRs allow users to watch and record free OTA television to move away from using cable and satellites for their television experience. The company's DVR system that combines a physical device with software apps for smartphones, tablets, computers, and streaming set-top-boxes to watch TV from multiple devices.
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Nuvyyo raises $6 million Series B to ramp up production of its digital video recorder system
Ottawa-based Nuvyyo, which creates software and hardware in the television and home media space, has raised a $6 million CAD Series B round of financing, bringing its total funding to date to $10 million. "Although the global economy faces ongoing uncertainty, Nuvyyo is well-positioned for success."
