PeerTV confirms new development capital
August 18, 2014
PeerTV, the TV OTT technology solutions provider, announced on July 30th that it has successfully agreed new equity facilities of £1.5 million (€1.88m) which will finance the continuing development and sales drive for its latest breed of Android powered quad core set top boxes, which now include market leading H265 High Efficiency Video Coding.
The AIM listed company is already active in the US, Irish, Polish and Russian markets, where it is the technology partner for a number of OTT content partners delivering successful subscription based models.
PeerTV was one of the first companies in the market to launch an Android based OTT set top box bringing together the advantages of the Android operating system, apps and a quick and smooth user experience to enable TV or web viewing via a single unit.
The new funding will take the form of an equity facility of up to £1.5 million under the terms of a standby equity distribution agreement or SEDA.
Commenting on this latest development, CEO Avi Vermus said, “We believe that this new equity facility is a vote of confidence in our recent rapid progress. Our Android set top boxes now offer quad core processing and H265 compression, , which means they deliver higher quality picture and sound to users, but use less than half the bandwidth required by the previous generations of set top boxes.”