You.i TV’s bid to become the dominant software platform in the sports media market is getting a boost from a broadcasting giant.
The Kanata-based firm said Thursday British media and communications conglomerate Sky has come on board as an investor, part of a US$23-million series-C funding round You.i TV landed last November. Financial terms of Sky’s investment were not disclosed.
Targeting a market disrupted by the emergence of streaming services such as Netflix, You.i TV develops software platforms for smart TVs and over-the-top streaming services. It has deals with several major professional sports leagues, including the National Basketball Association, the National Football League and the Canadian Football League, and its other customers include National Geographic, Fox and AT&T.
Since its founding in 2008, You.i TV has garnered significant interest and investment in its multi-screen solution, which allows media companies to host their apps on a variety of devices and streaming platforms with a single foundation of code. The company now has more than 200 employees and said earlier this year its revenues for 2018 surpassed its sales for all previous years combined.
Its series-C round was led by Massachusetts-based Causeway Media Partners, which backs growing companies in the sports media and technology space. Previous investors Kayne Anderson Capital Advisors, Vistara Capital Partners and WarnerMedia also participated in the round.
You.i TV chief executive Jason Flick said adding Sky – Europe’s largest media company with 23 million pay-TV subscribers and $13.6 billion euros in annual revenue – to that list will further accelerate his firm’s growth in global markets.
“The backing of Sky, alongside our existing strategic investors, highlights the fact that You.i TV is at the forefront of the trend solving the world of device fragmentation as consumers demand content everywhere,” Flick said in a statement.
“With the support of this unparalleled group of strategic investors, we look forward to fuelling the expansion of You.i TV’s global footprint, developer community and reimagining the ad experience.”
David Beazley, director of software engineering at Sky streaming service NOW TV, will join You.i TV’s board of directors. In a statement, he said both companies will benefit from the new partnership.
“Sky and You.i TV share a vision to connect customers to great content, via easy, frictionless user experiences,” Beazley said. “Through this investment, both Sky and You.i TV will be able to share learnings and gain insights into how world-class viewing experiences can be easily replicated across multiple devices.”