Set-top box games on demand firm TVHead announced today that it has raised $11.5 million in new financing, led by contributions from Bay Partners, with participation from Mitsui Incubase and funds advised by Apax Partners, L.P., the company's Series A investor. TVHead said that it will use the funding to "broaden consumer trials and deploy to initial target markets in late 2006."
In April TVHead announced its broadband Games-On-Demand Network, which seems positioned to target set-top boxes in a similar way to UK services such as Sky Active, and is expected to seamlessly integrate into existing Video On Demand (VOD) infrastructure currently servicing VOD-enabled households.
The service will feature several classic and popular casual games, including
Space Invaders, Bejeweled, Diner Dash, Zuma, Texas Hold'Em, Solitaire, and
Backgammon.
"TVHead has figured out how to offer the cable and IPTV industries a compelling interactive games channel on TV without any new investments in technology," said Chris Noble, General Partner at Bay Partners. "For operators, who are constantly seeking additional revenue streams, TVHead's offering is a no-brainer - it allows operators to participate in the lucrative games industry by delivering entertaining, family-friendly games and content to millions of homes."
"We have amassed such a high quality group of investors who not only believe in the potential of TVHead, but, more importantly, who will also help us build the premier games-on-demand network," said Sangita Verma, TVHead's CEO. "We are galvanized by our investors' support and look forward to providing the cable and IPTV industries with a valuable, highly-demanded television network."
