The Business Development Bank of Canada has given a $1-million loan to Ottawa-based tech company Nuvyyo.
“Nuvyyo’s deep and well-rounded management team has kept the company ahead of the curve in the fast-growing international cord-cutting market,” BDC director of growth and transition capital Robert Shaw said in a recent news release.
Cord-cutting refers to the practice of ditching traditional cable subscriptions in favour of free or paid alternatives such as online streaming platforms. Nuvyyo – one of OBJ’s fastest-growing companies in 2017 – develops an over-the-air option called the Tablo.
Nuvyyo had previously raised a $4-million series-A round from Celtic House Venture Partners. Marketing manager Laura Slater told OBJ the initial funding has given the firm a solid foundation with customers, largely in the United States.
“The concept of cutting cable in favour of alternatives has really skyrocketed,” Slater said in an email to OBJ. “Many consumers still don’t realize that they can access live, local television for free simply by putting up a TV antenna. Once they understand that concept, and that they can still enjoy the benefits of a DVR, there really is a lightbulb moment.”
The fresh money will go towards a couple of projects, including fulfilling product orders with Nuvyyo’s clients in the U.S.
“In recent months we’ve significantly expanded our retail channel, and this cash will allow us to meet surging consumer demand for cord-cutting solutions,” Slater said. “Approximately 98 per cent of our current customer base is in the United States. … We believe the demand for our products will continue to strengthen in that market over the coming years so that will remain our focus for the short term.”
Funding will also go towards research and development of Nuvyyo’s next generation of products, according to company CEO Grant Hall. The new model will be available at the end of the month under the name Tablo QUAD DVR.