Celtic House Venture Partners Leads $15 Million Follow-On Investment in Avvasi
"Growth and demand for video in a mobile environment has greatly exceeded our initial forecasts," said Mate Prgin, President and CEO of Avvasi. "In response, this additional funding will allow us to accelerate our product release schedule to meet the demands of our customers. By expanding our investment syndicate, Avvasi will be able to offer a complete systems-level solution to the market sooner."
"A dramatic shift in the mobile handset market towards smartphones and 3G/3G+ connected laptops has resulted in an exponential growth of mobile data traffic," said Celtic House Partner Brian Antonen. "Streaming video is one of the fastest growing categories of mobile data traffic and is becoming an increasingly significant revenue driver for wireless carriers. Avvasi provides cost-effective and highly scalable solutions that enable carriers to capitalize and profit from these trends."
Avvasi's core technology has deep roots in the Waterloo region. The company's founders were well-known to Celtic House, as they were previously part of the engineering team at Waterloo-based PixStream, a Celtic House Fund I portfolio company. PixStream was acquired by Cisco (Nasdaq: CSCO) in 2000.
"Avvasi's leading position in a rapidly expanding market confirms our long-term investment strategy of capitalizing on the core competencies in our target regions and backing repeat entrepreneurs to develop platform technology companies," said Celtic House Partner
Avvasi is an early stage venture-backed company developing solutions that enable mobile carriers to measure, improve and monetize mobile video. For more information, please visit www.avvasi.com.
About Celtic House Venture Partners
For over 15 years, Celtic House Venture Partners has been Canada's most active investor in private information and communications technology companies. Applying the deep domain expertise of its partners and capitalizing on a unique architectural approach to investing, Celtic House has consistently provided superior financial returns to its investors. With
About the Ontario Emerging Technologies Fund
The Ontario Emerging Technologies Fund (OETF) is a direct investment fund established in 2009 by the Province of Ontario and administered by the Ontario Capital Growth Corporation (OCGC), an agency of the Ministry of Research and Innovation. The OETF is a