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Althea Systems raises $3 Million in series A funding
By siliconindia
Bangalore: Social video browser startup Althea Systems has raised $3 million in series A funding from an institutional venture capitalist. The company declined to disclose the details of the backers and also declined to comment on the stake that has been sold, reports Nikhil Pahwa from the Media Nama.
The $3 million is on the basis of the company's plans for over the next 18-20 months, the products they intend to roll out and the markets they want to grab.
The company has launched its Adobe Air based application Shufflr.tv two months ago. Shufflr.tv provides a clean interface for discovering new content, and has content deals inked with NDTV, Reuters, CNBC-TV18, BigFlix in India, the BBC and MSNBC in the UK, and also with Brightcove which aggregates a large number of content providers. They also aggregate content from YouTube, DailyMotion, Metacafe and Yahoo Videos, are in talks with STAR TV, and working on breaking into the larger U.S. based customers.
Althea is focusing the global market. "Initially we had users from U.S., UK, Canada, Singapore, Hong Kong, Malasia, India, and Pakistan. After launching the Spanish content, we got users from Spain and Latin American countries," said Rajnish R, Co-founder, Althea.
