PurpleStream Convergence Pvt Ltd, a Chennai-based video streaming services provider, has raised an undisclosed amount from content producer and distributor Hub Media Group Pte Ltd (HMG) and Mercatus Capital Pte Ltd. The funding will be used to scale up the company's go-to-market strategy. PurpleStream is also shifting its headquarters from India to Singapore for the global launch of PurpleCloud, the firm's broadband video delivery platform. Nova Capital was the advisor to PurpleStream for this round.
Karthik Subramanian, founder and CEO of PurpleStream, said, "This round of funding will be primarily used for executing our go-to-market strategy and further product development. Currently, we are developing a suite of new products which will enable 'live' broadcasting over broadband. While corporations can leverage these for things like worldwide product launch, one can also broadcast private events like marriage."
PurpleStream's adaptive bit rate optimisation and single source multi device (SSMD) technology ensure smooth delivery of high definition video to consumers in the US, the UK, Canada and Australia. The company also claims that its SSMD technology has unique capabilities in the field of live broadcasting.
Commenting on the investment, Hub Media CEO Kevin Balhetchet said, "This strategic investment in PurpleStream gives Hub Media access to a broadband content delivery platform through which we can bring value-added services to our customers. We have already started working with PurpleStream on several projects in Hong Kong, Malaysia, the Philippines, Indonesia and Mexico for the delivery of TV shows and movies across multiple territories."
Mercatus Capital, the other investor in PurpleStream, is a Singapore-based seed-stage investor, incubator and business accelerator. Besides funding, it also runs an active incubation programme to groom the top management of its portfolio companies. Its portfolio currently includes around 40 companies in industries like healthcare, ICT, social media and material sciences.
PurpleStream has already started to ramp up its service offerings to global broadcasters, content aggregators and over-the-top (OTT) content providers. It is also in talks with various government agencies, content delivery networks (CDNs) and content owners for video delivery through PurpleCloud.
Asked why the firm had decided to shift base, Subramanian said, "Singapore has become a major hub for media and with our headquarters shifted to Singapore, we will have better access to global clients. Moreover, Singapore serves as a gateway to the huge market in China."
(Edited by Sanghamitra Mandal)