£600k funding for Inxstor
Inxstor, formed in 2006 as a spin-out from portable data storage device developer Infinite Data Storage (‘IDS’) with seed funding of £400,000, has received a further £600,000 investment from investment management company Braveheart (AIM: BRH) and the Scottish Co-investment Fund. The proceeds of the fundraising will provide working capital for Inxstor for the next 12 months, supporting the expansion of its technical team and product development process.
Inxstor’s technology is a place-shifting solution that allows digital content to be accessed from a remote location in a secure way. Place-shifting allows the user to watch TV shows they usually receive at home, whilst in any location on devices other than TV sets (such as mobile phones). It is an advanced form of time-shifting, where a programme can be recorded and viewed at a time more convenient to the user (such as the service offered by Sky Plus).
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With place-shifting, images and sound from home video equipment are processed into digital signals and transmitted to the new viewing location over the home internet connection. Place-shifting is an emerging market and is likely to be attractive to people who spend time away from their primary place of residence.
The products from Inxstor include software to access and transfer the audio and video content from the home, and software to access this content on a mobile device. The company will target key market areas in the value chain to offer a complete ‘end-to-end’ solution.
Commenting on the investment, Geoffrey Thomson, chief executive of Braveheart, said, “In an increasingly mobile world, we see the demand for place-shifting technology as growing significantly in the future. Inxstor’s technology, the only secure product of its kind in the market, offers users the ‘next step’ on from universally popular applications such as TiVO and Sky Plus.”
Tony Combe, CEO at Inxstor, added, “Since spinning out from IDS, we have made good progress in the development of our technology. Content providers need to know that their data is secure and that distribution can be controlled – our technology addresses these key issues. We now have working prototypes and we are in discussions with a number of multi-nationals about rolling out the product.”
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