NBIF Invests $500,000 to Drive Encore Interactive to Market
SAINT JOHN, (NB) —The New Brunswick Innovation Foundation today announced a venture capital investment of $500,000 in Encore Interactive Inc. Based in Saint John, New Brunswick, the company has developed a software system for the telecommunications industry that allows consumers to watch, record and share their favorite television programs using their TV remote, computer or mobile phone.
“The IPTV market is a multi-billion dollar market that is expected to exceed sixty percent in annual growth over the next three years as telecommunications companies continue to make major investments in IPTV equipment and services,” says Encore CEO Sean Higgins, “as more telcos express interest in adopting our technology, this investment by the NBIF is critical for the expansion we need to respond to the opportunities being presented to us.”
The company also has a secondary product that, with a small control box, that allows any Internet, cable or satellite television service provider the ability to offer the same features, including Internet-based personal video recording (PVR).
“NBIF is pleased to be investing in innovative, growth companies like Encore Interactive that are exporting home-grown innovation internationally” says NBIF president and CEO Calvin Milbury, “this is an exciting product that’s already on its way to market success, and now the company is better positioned to grow and extend its reach into the marketplace.”
Telecommunications companies that sell broadband and Internet protocol television (IPTV) services will implement the technology, offering new, enhanced features set to take consumer experience to the next level.
“The versatility of our product extends beyond content management and delivery as well,” says Higgins, “since it has the ability to access and control systems in the home, we are developing partnerships with companies to apply the solution for the energy, healthcare and smart house industries.”
The New Brunswick Innovation Foundation is an independent corporation that supports the development of innovation and entrepreneurship in New Brunswick. The Foundation’s mandate is to strengthen the innovation capacity of New Brunswick by making investments in applied research and in new, growth-oriented businesses.