Espial raises US$4 million

On-demand TV software and services firm Espial has closed a US$4 million (€2.96 million) financing round. 

The Canada-headquartered firm said it completed a private placement of 5.71 million shares for US$0.72 each and had received “significant investor interest,” allowing it to quickly close the financing round.

“In the last few months, we have made big strides winning a major cable operator and smart TV manufacturers. Our leading HTML5 user experience products are being recognised as critical enablers for service providers and smart TV manufacturers to innovate and thrive in the Internet video generation. This financing further strengthens Espial’s capabilities to execute on our strategy and increase our industry leadership,” said Espial CEO Jaison Dolvane.