Althea Systems, the maker of Shufflr announced that it has raised US$3 million in a Series A round of funding from Intel Capital.
The funding will help the company expand its development team and marketing efforts for its online video products. The company launched the PC version of Shufflr – a social video browser – in July 2010 and has plans to launch on other platforms including TVs, tablets and mobile phones.
“We are delighted to have Intel Capital as an investor as we continue to deliver on our roadmap in the social video discovery space. This round of funding reinforces our belief in a cloud-based social video discovery platform that delivers a seamless viewing experience across notebooks, TVs, tablets and other CE devices,” said Vinod Gopinath, Founder and CEO, Althea Systems.
“We believe that the online video industry is poised for growth in the coming years and personalized viewing experiences based on a consumer’s profile will be a differentiator in this space. This investment in Althea Systems is in line with our commitment to investing in new and commercially viable technologies,” said Sudheer Kuppam, Managing Director, India, Japan, Australasia and South-East Asia, Intel Capital.
About Althea Systems
Althea Systems (www.altheasystems.com) is focused on building solutions that simplify online video discovery and consumption across multiple screens by stitching together latest technology, the brave new social web and good old common sense.
About Intel Capital
Intel Capital, Intel’s global investment organization, makes equity investments in innovative technology start-ups and companies worldwide. Intel Capital is stage agnostic and invests in a broad range of companies offering hardware, software and services targeting enterprise, home, mobility, health, consumer Internet, semiconductor manufacturing, and cleantech. Since 1991, Intel Capital has invested more than US$9.5 billion in over 1,050 companies in 47 countries. In that timeframe, 175 portfolio companies have gone public on various exchanges around the world and 241 were acquired or participated in a merger. In 2009, Intel Capital invested about US$327 million, in 107 investments with approx. 50 percent of funds invested outside the United States and Canada.
