"Techcrunch" reports that PLYmedia Inc. has raised $6-6.5 million in its second financing round from Greylock Partners and Elron Electronic Industries Ltd. (Nasdaq: ELRN; TASE: ELRN). The company raised $2.5 million from Elron and private investors in October 2006. The company recently completed development of its product and has begun sales.
PLYmedia, Greylock, and Elron declined to comment on the report.
PLYmedia has developed an interactive, multidimensional web video platform PLYplatform, which delivers web video publishers and broadcasters a range of applications for creating personalized content. The technology allows layers, or PLYs of context-related material (such as subtitles or ads) to be added to a video, which can provide information about the clip at the viewer's request. Until now, the primary use of the concept is for personalized advertising.
The company was founded by a group of entrepreneurs headed by CEO Ben Enosh, who was previously strategic business development manager at energy-saving streetlight developer MetroLight Ltd. PLYmedia president and COO Yuval Klein was a co-founder of music store chain Third Ear Ltd.
Published by Globes [online], Israel business news - www.globes-online.com - on July 3, 2008
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