Interactive television software company Ensequence has completed an 18 million dollar venture capital funding round.
The investment represents a major commitment to one of the companies currently vying to provide authoring tools for interactive television.
The money will be used to fund operations and development. It follows previous funding of 19 million dollars in private investment.
“This funding round allows us to continue to lead iTV software development and bolster our sales and service teams,” said Ensequence President and CEO Dalen Harrison.
Westbury Partners, a private equity investment firm based in Long Island, New York, is investing 7.5 million dollars. Chairman of Westbury, Joseph G. Fogg III, a former head of Morgan Stanley’s investment banking division, will join Harrison and other blue chip backers on the board of Ensequence. Other funding is understood to be from other private investors.
Apparently Westbury Partners had also looked at two competing companies, GoldPocket Interactive and Emuse Technologies, but concluded that Ensequence offered a greater range of features and ease of use. “There is a compelling business case for interactive TV,” said Fogg.
Ensequence software has been used by leading broadcasters including the BBC and Discovery. However, the company has yet to secure a major deal. The investment is in anticipation of growth in the US market.
The latest release of the on-Q Create software suite will be launched at IBC in Amsterdam.