On-demand video distribution startup RiverSilica raises $1.5M from Exfinity
RiverSilica Technologies Pvt Ltd, a Bangalore-based startup that offers on-demand video distribution services under the brand name PixFix, has secured $1.5 million in funding from Exfinity Venture Partners, a Rs 125 crore-fund promoted by IT industry veterans, including TV Mohandas Pai.
"This round of funding will ensure that we, at RiverSilica, will be powered on our growth trajectory for our product and associated platform-driven services," said Jagannathan Balaji, founder and president of RiverSilica. "Additionally, it will help us reach global market with our PixFix product line."
The startup was founded by Balaji, an electrical engineer and serial entrepreneur. He previously founded Purple Vision Technologies which was later acquired by MindTree in 2007.
RiverSilica builds products and services for live up-linking and on-demand video delivery for users. Its product PixFix can be used to uplink a live video to YouTube. It can also be used to put in a data centre to distribute video for people to watch anywhere on any kinds of networks.
PixFix can be used in broadcasters, content distribution networks (CDNs), data centres, lounges and automotive environments.
The startup had earlier secured an undisclosed amount in funding from Ojas Ventures.
"PixFix uses innovative patent-pending mathematical algorithm to deliver videos for network-constrained environments. It supports live video and on demand video for people to watch anywhere via the internet video chain. We believe that this product will democratise video watching, by providing any place viewing infrastructure," said V Balakrishnan, partner at Exfinity.
Exfinity (erstwhile Reservoir Investment Managers) was incorporated in October last year. Based out of Bangalore, Exfinity's first fund, Exfinity Technology Fund I, backs early stage ventures in Information Technology space. The firm made its final close of its maiden fund Exfinity Technology Fund â€“ Series I (ETF-I) at Rs 125 crore (around $20 million) in August this year.
The fund focuses on products/services/applications targeting global footprint; investments in a mix of B2B and B2C space in early- and emerging-stage funding; technologies impacting key business processes, present economic, social and business issues â€“ opportunities seen in enterprise space, Big Data and analytics, cloud computing, application development, e-commerce, education, healthcare, etc.
The fund was floated by former Infosys executive Balakrishnan and Mohandas Pai, along with Girish Paranjpe (former Wipro co-CEO) and Deepak Ghaisas (founder of i-flex). Its management team is led by Shailesh Ghorpade, who had earlier started realty investment firm Azure Capital.
"Consumption of video content is rising in India with the proliferation of smartphones. Bandwidth- and connectivity-related issues make video viewing a not so pleasant experience. Advent of video-on-demand will revolutionise the way we watch TV. In this context, RiverSilica's product is positioned well to take advantage of these mega trends," said Ghorpade.
(Edited by Joby Puthuparampil Johnson)