Time Warner Leads $12M Funding Round for Canadian Video App Platform Firm You.i TV
“Delivering video directly to consumers is becoming vital to the media industry, and offering a compelling user interface and app experience is an important piece of this value chain,” says the head of Time Warner Investments.
Time Warner Investments has led a $12 million series B funding round for Ottawa, Canada-based You.i TV, which provides a platform behind video apps across multiple devices, the companies said Tuesday.
The company’s You.i Engine is behind the video apps of the likes of Sony Crackle, Rogers Communications' Shomi SVOD service and Time Warner's Turner brands including TNT, TBS and Turner Classic Movie, which will soon release direct-to-consumer app FilmStruck. Time Warner's Turner division has started to standardize its application development on the You.i Engine platform.
"This strategic investment is being used to further accelerate You.i TV’s response to demand for its products, to enhance its app designer workflow IP and to continue to grow its partner channels," the companies said. Additional funding in the round came from new investor Vistara Capital Partners and existing backer Kayne Anderson Capital Advisors.
Scott Levine, managing director, Time Warner Investments, will join the You.i TV board.
“Delivering video directly to consumers is becoming vital to the media industry, and offering a compelling user interface and app experience is an important piece of this value chain,” said Levine. “We were immediately impressed with the You.i TV products, seeing how they create high-quality, unique branded experiences across multiple device platforms, while powering higher engagement rates with users.”
You.i TV joins the Time Warner Investments portfolio that also includes NextVR, Mashable, Krux, FanDuel, Discord and Bustle.
“The industry is in a race to ‘own the glass’ on devices big and small - from the 10ft to the fully mobile experience - and You.i TV has unlocked the art of gaining and retaining user attention,” said Jason Flick, CEO and co-founder of You.i TV.
Time Warner has struck several deals to set itself up for increased digital distribution, including the acquisition of streaming video service DramaFever by Warner Bros.