OTTAWA – Nuvyyo, makers of the Tablo OTA DVR, last week announced the closing of a Series B funding round of $6 million.
The round was led by Celtic House Venture Partners with participation from Export Development Canada (EDC) and will be used to ramp up production of Tablo Over-the-Air DVRs as the consumer market for cable TV alternatives continues to surge, reads the press release.
Tablo OTA DVRs enable those who access free broadcast television via TV antennas to browse, record, and stream their favorite programs via compatible apps on streaming media players, smart TVs, mobile devices, and PCs. It also offers a familiar grid-based TV guide and advanced features including automatic commercial skip and live streaming on mobile devices.
“As the trend of cutting the cord on cable TV accelerates, we have no doubt Tablo products will remain a leader in value, flexibility, and ease-of-use,” said David Adderley, partner at Celtic House Venture Partners, in the press release announcing the funding.
“Although the global economy faces ongoing uncertainty, Nuvyyo is well positioned for success in both the U.S. market and domestically as consumers seek cost-effective alternatives to cable and satellite TV,” added Eugene Siklos, vice-president of investments at EDC.
“Use of over-the-air TV antennas is up more than 50% over the past eight years as traditional pay TV providers consistently report record quarterly subscriber losses,” said Grant Hall, CEO at Nuvyyo. Although the release did not cite the research from which those numbers came, the company told us it came from Nielsen, and it referred to U.S. OTA usage. “This presents a tremendous opportunity for us to grow the Tablo brand with OTA TV consumers and this infusion of working capital will help us meet the increased demand for Tablo DVRs.”
Earlier this year, Nuvyyo also closed a $500,000 term facility with BDC Capital.
