Venture capital in Europe in not dead.
Innogest, a $120 million fund with offices in Milan, Padova and Torino, just reminded us that VC deals are possible, injecting the huge sum of $8 Million into BeeTV.
“This is the single largest investment our firm has ever made,” said Marco Pinciroli, Innogest CEO. “This fact alone shows how much we believe in beeTV, with the concept, its management, and its business strategy.”
“We already knew we had the most innovative product on the market. Now we have the means to push it to the next level,” commented Rodolfo Hecht, beeTV’s Chairman. “We are proud of being one of the few companies that is able to announce a major VC deal in today’s frozen market.”
The Milan-based startup launched in 2006, and is now working towards its 1.5 release, they already have offices in Tel Aviv and Los Angeles and claim to have partnerships with the most important TV networks worldwide.
They recently pitched their product at DEMO08, you can see the video here:
The aim of BeeTV is to help you choose what you watch more easily, they will replace your usual tv guide with personal recommendation based on your taste and mood. The algorithm team is led by the well-regarded Gavin Potter – the recommendation guru. Their commercial operations are expected to begin in 2010.
The potential is really huge and I'm pretty sure the investment will pay off. Providers will surely be interest in their offerings that can integrate PC, TV and even mobile phones in a whole new experience.
You can read more about their products here.
