Cognitive Networks, a market leading provider of real-time data services that power Enhanced TV on Smart TVs, today announced a $1.5 million investment by venture capital firm DCM Ventures. Additionally, the company also secured up to $2 million through a structured venture debt loan from Silicon Valley Bank. The funding follows the company's recent initial round of $2.5 million from Rogers Venture Partners, and will be used to support company growth. Cognitive Networks provides a cloud-based content recognition service that enables Enhanced TV on Smart TVs.
"Smart TVs have long been powerful enough to produce a new, more interesting, more engaging TV viewing experience but they have been missing one key piece of context: what's on now. Real-time information identifying the exact content displaying moment to moment finally unlocks that power. We're at the very the beginning of realizing the full creative potential of television," said Michael Collette, CEO at Cognitive Networks. "This funding will allow Cognitive Networks to continue to scale our platform and operations to meet expanding market demand for our services."
Cognitive Network's vision is to enable the fundamental transformation of the way viewers consume TV, while delivering a platform for content producers and TV networks to increase customer engagement, grow their audiences, and increase the value of the TV viewing experience for all audiences.
"DCM likes to back exceptional entrepreneurs that are bringing unique and impactful technology to global markets. Cognitive Networks' cloud-based services enable fundamental opportunities for growth and transformation in consumer electronics and media," said Jason Krikorian, general partner of DCM Ventures and co-founder of the pioneering digital media company Sling Media, who will join the board of the company. "The data Cognitive Networks generates is fundamental and has far-reaching implications."
"We are pleased to support Cognitive Networks and are excited by the potential of its technology to make TV content more interesting and social," said Joe Werner, relationship manager with Silicon Valley Bank's Accelerator team. "We are committed to helping the company accelerate this next phase of its growth plan with services and financing that will increase the company's probability of success."