OTTAWA and NEW YORK – Time Warner Investments has led a $12 million series B funding round for Canadian video app platform company You.i TV.
The companies said Tuesday that the investment is being used “to further accelerate You.i TV’s response to demand for its products, to enhance its app designer workflow IP and to continue to grow its partner channels”. Additional funding in the round came from new investor Vistara Capital Partners and existing backer Kayne Anderson Capital Advisors.
You.i TV’s technology You.i Engine currently powers popular TV apps for customers such as shomi, Corus Entertainment , Sony Crackle and Turner brands including TNT, TBS, and Turner Classic Movie’s soon to be released direct-to-consumer app, FilmStruck. Turner, a division of Time Warner Inc., has begun to standardize their application development on the You.i Engine platform.
“The industry is in a race to ‘own the glass’ on devices big and small – from the 10ft to the fully mobile experience – and You.i TV has unlocked the art of gaining and retaining user attention,” said You.i TV CEO and co-founder Jason Flick, in the news release. “When it comes to being ahead of the trend, Time Warner Investments is the best in the industry and choosing You.i TV is a ringing endorsement for the impact our products are having in market.”
You.i TV joins the Time Warner Investments portfolio that includes NextVR, Mashable, Krux, FanDuel, Discord and Bustle. Scott Levine, managing director of Time Warner Investments, will join the You.i TV board.
“Delivering video directly to consumers is becoming vital to the media industry, and offering a compelling user interface & app experience is an important piece of this value chain,” added Levine. “We were immediately impressed with the You.i TV products, seeing how they create high-quality, unique branded experiences across multiple device platforms, while powering higher engagement rates with users.”
