ProVision Communications (United Kingdom) - Jan 2008

unquote
01 January 2008

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The YFM Group-managed South West Ventures Fund and Finance South West Growth Fund, alongside the National Endowment for Science, Technology and the Arts (NESTA), have invested £750,000 into ProVision Communications, a provider of digital wireless video technology, in a first round of funding. The deal was sourced through a direct approach, with the new capital being used to continue the development of the company’s technology. The investors have suggested that there may be a further funding round in the next 12 to 18 months.

Company

ProVision is a spinout from the University of Bristol that is developing a range of wireless video solutions, such as in-home media gateways and wireless video systems for spectator events, covering most wireless standards, including WiFi, WiMAX and DVB-T. The company has been providing consultancy services to major international clients, including the BBC, Mitsubishi and Sky, since its formation in 2001 and now believes it has identified an opportunity to re-focus its business model on consumer products. Following a successful demonstration of its technology at the Welsh leg of the 2007 World Rally Championship, enabling spectators in the hospitality area to view different parts of the course using WiFi enabled PDAs and smartphones equipped with a software decoder, ProVision has been invited by the Government’s UK trade and investment export support body to present its products at the GSMA Mobile World Congress 2008.

People

Julian Dennard led the investment for YFM, which has appointed Greville Commins as a non-executive director on the ProVision board. David Sykes is the CEO of the company.

Advisers

Company - Beachcrofts, John Williams, Nick Vasquez (Legal)Equity - Ashfords, Andrew Betteridge (Legal)

Sourced from: UK & Ireland unquote" 362 (Feb 2008)