Cardinal Information Systems Ltd has secured euro2.4 million first round funding from 3i. The commitment will boost the development and launch of Cardinal’s products.
Founded in 1993, the Finnish-based company offers products that develop, broadcast, store and route interactive streaming content. It is hoped that teaming up with internationally-focused 3i will help Cardinal to attain a leading position in the European interactive services software industry.
Cardinal’s software helps content producers such as broadcasting companies, media professionals, advertising agencies and telcos to develop and distribute interactive services for digital television, the Internet and mobile environments.
Over the next five years, the digital television industry is predicted to grow from $3 billion to $62 billion. There are currently 62 million users of digital television worldwide. By 2006, this figure is expected to grow to 357 million. The use of video over the Internet (web streaming) is also predicted to increase over the next three years, growing from a market size of $10 billion to $21 billion.
Janne Mielck, investment director at 3i Finland, said: “Cardinal’s applications for creating interactive services will become industry forerunners. Other important criteria for this investment are the expertise and high motivation of the employees, who have already proved their ability to produce advanced, high quality services.”