Virtual TV co RayV raises $8m in second round

The company seeks to develop live 24-hour quality broadcasts for the TV and PC.

Sources inform ''Globes'' that virtual television network start-up RayV Ltd. has raised $8 million in its second financing round from Accel Partners. Founded 18 months ago by Omer Luzzatti, Ron Zuckerman, and Oleg Levy, the company has been operating in stealth mode.

Levy was previously an executive at Kagoor, which was acquired by Juniper Networks Inc. (Nasdaq:JNPR) in 2005, and then served at Juniper’s Israeli R&D center. Zuckerman has been a well-known entrepreneur for the past 15 years. He has been an angel investor in several start-ups, including Wintegra Inc., Aeronautics Defense Systems Ltd., Koolanoo Group Ltd., Attunity (Nasdaq: ATTU), Can-Fite BioPharma Ltd. (TASE:CFBI), and e-Glue Business Technologies Ltd.

RayV describes its activity as follows: “We here at RayV, like TV. The only thing is, we want more of it. Sure, we love the big networks - after all, they show us all the live Paris Hilton we can handle - and lots of other stuff too. We just want it at high quality on our TVs and on our PCs, anywhere in the world... and more...

“We also want to watch live news channels from smaller, independent sources with correspondents around the world. We want channels of live performances from the newest bands at the University of Calcutta. And live coverage of rugby matches from England. And short-film channels from NYU Film School students. And coverage of local politics. And cooking channels for Vegans. And cooking channels for Carnivors.

“Well, you get the point: TV - real, live, 24-hour TV channels - at TV quality. For the PC, for the TV. For anyone to watch... and for anyone to broadcast. At no cost. We like TV. In the next months, we're going to give everyone the power to make more of it. Much more!”

Accel Partners was founded 24 years ago and manages $4 billion. It is one of the most active venture capital funds in Israel, and has offices in California, Europe, and China. Accel Europe manages $1 billion in two funds, both of which make investments in Israel.

Published by Globes [online], Israel business news - www.globes.co.il - on October 9, 2007

© Copyright of Globes Publisher Itonut (1983) Ltd. 2007

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