Press Room
Tynt Multimedia Closes $5 Million Series A Investment
Calgary, Canada, March 2.2009
iNovia Capital, a manager of seed and early stage venture capital funds, today announced its investment in Calgary-based Tynt Multimedia to complete the closing of a $5 Million financing round that included existing angel investors and the Alberta Value Added Corporation (AVAC Ltd.).
Tynt addresses the biggest challenge online publishers and site operators face today in achieving revenue goals; understanding, evidencing and driving user engagement. Tynt’s Tracer service can monitor and track when users copy content from a web site and further attach attribution to the copied copyrighted content. This provides actionable indication of the content most valued by users, drives additional traffic back to customer sites and enhances search engine optimization strategies. Tynt’s annotation tools further increase user engagement by enabling in-context discussion on customer sites.
“Having iNovia as a capital partner is a key strategic development for us”, said Derek Ball, CEO of Tynt, “In this challenging market online content publishers must find ways to benefit when their content is spread across the Internet by their readers. Our self-service enrolment allows publishers and bloggers to start gaining insight into audience behaviour in minutes.”
“Derek has assembled a world class team and they are laser focused on a huge, unaddressed problem with unique and patent pending intellectual property” said Shawn Abbott, Partner with iNovia Capital. “Tynt fits our digital media strategy and also has a high degree of synergy with our existing portfolio.”
“We are thrilled that iNovia has joined AVAC in supporting Tynt,” said Ross Bricker, CEO of AVAC Ltd. “One of the markers of success for companies within AVAC’s portfolio is the securing of subsequent investment from firms like iNovia. We saw Tynt’s potential to be a disruptive force in the global social networking marketplace and we are delighted by the company’s progress to date.”
About Tynt
Tynt develops leading edge hosted solutions for online publishers, social networks and online communities to increase user engagement and maximize revenue. Tynt was founded in 2007 by serial entrepreneurs Derek Ball, Dayton Foster and Allan MacKenzie in Calgary, Alberta, Canada. For more information, visit www.tynt.com
About iNovia Capital
iNovia Capital manages seed and early stage venture capital funds, with a focus on helping entrepreneurs and innovators build successful companies in the sectors of information technology, life sciences and cleantech. iNovia Capital’s value-added approach to early stage investing provides portfolio companies with capital, unique access to intellectual property from its extensive network of industry partners and academic partner institutions, advisors and sector-specific co-investors. For more information, visit www.inoviacapital.com
About AVAC Ltd.
AVAC Ltd. is a private not-for-profit company that invests strategically in promising early-stage commercial businesses focusing on the expansion of Alberta’s value-added agribusiness, ICT, life sciences, and other industrial technology sectors. AVAC also participates in commercially-relevant agricultural research and is a strategic fund-of-fund investor in early stage venture capital. Created in 1997, and with the support of the Alberta and Canadian Governments, AVAC has invested in over 110 early-stage companies who have reported over $325 million in aggregate project-related sales to date. AVAC has also invested in 38 agriculture research programs and projects, and 3 venture capital funds including iNovia Capital. For more information, visit www.avacltd.com
Editorial Contact
Angela Hibbs, iNovia Capital Inc.
514-982-2251 x 300, ahibbs@inoviacapital.com
Derek Ball, CEO Tynt Multimedia Inc.