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Sofinnova, others ink $13m financing deal with smart TV tuner CrestaTech

30 Apr 2012

Sofinnova Ventures has joined several other firms in providing $13m of financing Smart TV tuning product provider CrestaTech.

Bechtolsheim Ventures, Benhamou Global Ventures and AVM Capital also took part in the funding round, which CrestaTech said it would use to release several new products.

As well as further penetrating the TV market CrestaTech hopes to expand into devices including smartphones, tablets and media players.

CEO Chris Haber said, “This new funding round enables us to deliver a next-generation global Smart TV platform with several new Smart Tuner product releases this year.

“Our products enable a single global platform for the TV of the future that is adaptable to support the cloud services, applications and feature sets found in mobile devices.”

Sofinnova Ventures’ technology team specialises in investing $5m to $15m over a company’s lifetime, with initial investments of between $3m and $5m.

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