Vuclip buys IAN-backed mobile video streaming startup Jigsee
Vuclip, the world's largest independent mobile video and media company, has acquired the core assets of Indian Angel Network (IAN)-backed Jigsee, a mobile video streaming company, for an undisclosed sum. These assets will bring to Vuclip mobile app development talent, as well as additional proprietary video streaming technologies.
Vuclip plans to offer new apps to complement its browser strategy, particularly in India, the Middle East and South East Asia.
"Jigsee saw the same huge opportunity that we did. Consumers in emerging markets are more often than not using low-cost smartphones, such as the Asha Series from Nokia or Android devices from Samsung, on constrained networks. This is a huge audience for the mobile ecosystem to reach -- but requires creative problem-solving to ensure a quality user experience," said Nickhil Jakatdar, CEO of Vuclip.
"Vuclip tackles this problem with unique technology innovation on the browser side, while Jigsee approached it primarily with an application-based approach. The combination of these two will now deliver optimal value to consumers -- on both feature phones and low-cost smartphones -- as well as business partners in a way that no one else has done before and will accelerate our reach into new markets," he added.
Jigsee had its first round of funding estimated to be a little over $1 million two years ago from IAN after a previous angel round in July 2010. It was founded by Ray Newal, who formerly headed content and business development at Yahoo! Canada. Its CTO, Areef Reza, was employed at Vayyoo Inc, Research In Motion and Nortel Networks. Angel investor Rehan Yar Khan had joined the board of Jigsee as part of IAN investment.
The startup had shifted its headquarters from Toronto to Mumbai. This was aimed at setting up a base where it can start talking to broadcasters for their content.
"It is inspiring to see Vuclip deliver on its 'All Things Video' strategy so aggressively and quickly," said Jeff Karras, managing director, SingTel Innov8. "With more than 45 million monthly unique users, a viable monetisation strategy and strong leadership, Vuclip is positioned to capitalise on the massive growth in mobile video." SingTel Innov8 is one of Vuclip's investors.
(Edited by Prem Udayabhanu)