Cloud technology co Playcast raises $3m in convertible loan

Playcast uses cloud technology to develop a video server to compress and broadcast graphics-rich computer games.

Xenia Venture Capital Ltd. (TASE:XENA) portfolio company Playcast Media Systems Ltd. has raised $3 million in a convertible loan. Xenia, which owns 13% of the company, provided $450,000 of the loan.

Playcast uses cloud technology to develop a video server to compress and broadcast graphics-rich computer games. The company says that its technology allows television service operators to sell games plans at a quality that competes against consoles, without the need to upgrade subscribers' set-top boxes or network infrastructures.

Published by Globes [online], Israel business news - www.globes-online.com - on July 14, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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