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Mirifice secures second round venture capital funding


The YFM Group managed South West Ventures Fund has confirmed a further investment of £410,000 in Mirifice Ltd, the Bath-based Digital TV and Broadcast software and consulting company which developed the innovative MirimonTM, the unique monitoring solution for Digital TV networks.

The company has raised additional funds to support further development of the product as it looks to expand into the growing markets in Europe and the United States.

MirimonTM gives digital TV broadcasters an unprecedented view of the customer experience that they deliver, and enables them to monitor and improve their end-to-end service delivery. The digital TV market is growing strongly, with IPTV services rising by 180% over the last year, and digital TV penetration rising by 84%.

Major telecoms players are moving into the market for IPTV: the last twelve months has seen both BT and Deutsche Telecom launching new products on the market. Mirifice’s current customer base includes leading digital TV broadcasters and Set Top Box manufacturers such as Virgin Media, Sky TV, Top Up TV, Samsung and Pace as well as telecoms giants such as BT.

The key benefit of MirimonTM is to enable broadcasters to improve the customer experience they deliver: reducing churn, improving customer acquisition and encouraging the adoption of revenue generating services. This also enables more efficient customer relationship management, network management and set-top box management, thus reducing operational costs.

Mirifice’s patented technology monitors the quality of the service delivered to the subscriber in the live network. If the quality falls outside an acceptable envelope the broadcaster is notified with supporting diagnostic information. MirimonTM can even identify problems before the subscriber is actually aware of them.

This year, Mirifice participated at the IBC Conference, where demonstrations of its MirimonTM product were so successful that it won an IBC2007 ‘Pick Hit’ Award, one of just 16 companies from the 1300 present to do so. This has opened up further opportunities for the business, including an invite from Tandberg to jointly market MirimonTM at the National Association of Broadcasters show in Las Vegas next year.

Speaking about the latest investment from the South West Ventures Fund,

Paul Tinkler, Chief Executive of Mirifice, said: “Mirifice are delighted to have received this second round of funding. This additional resource is enabling a direct market push to key industry players which will allow us develop our business in the global markets.”

Julian Dennard, Senior Investment Manager at YFM Group managers of the South West Ventures Fund, said: “This second round funding for Mirifice is testament to the company’s ongoing determination and success at developing what is a unique and market-leading product.

“The success of the MirimonTM product has driven Mirifice’s continued expansion and we look forward to continuing to work closely with the company as it targets this strongly growing global market.”

ENDS

NOTES TO EDITORS:

YFM Group - South West Ventures Fund

The YFM Group managed South West Ventures Fund is a £21m fund that has been set up to provide venture capital to small and medium sized enterprises (SMEs) based in the South West of England. Initial investment can be up to £330,000 with an ability to invest a further £330,000 after six months. In certain circumstances, alongside other new investors, the Fund can follow on its investments to provide a total of £2.5 million to one company. To date the fund has invested £7.3m in 24 companies.

YFM Group – is the UK’s most active investor in the small and medium enterprise marketplace. YFM Group manages in excess of £300 million of funds with investment sizes ranging from £50,000 to £5 million. Principal offices are located in Leeds, Manchester


Publisher Contact Information:

Montage Communications
+44 845 644 5404
matt@montagecomms.com

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