Syncbak closes Series B round, bringing total funding to $5.6 million
Syncbak's platform delivers live, local television to tablets and other web-enabled devices. Screenshot from snybak.com.
Syncbak announced Monday that it has closed a $4 million Series B finance round, bringing total capital raised to $5.6 million. New and existing investors in the Marion, Iowa-based company include the National Association of Broadcasters, the Consumer Electronics Association, Northwest Broadcasting and three former executives of NBC.
But before we delve into the significance of Syncbak's funding, how about we provide a proper introduction? Syncbak, founded in 2009 by Jack Perry, is a company that we at Silicon Prairie News have kept an eye on (tags don't lie: the company has been a regular in our Prairie Moves posts for the past few months) but have yet to formally introduce. So, Prairie people, meet Syncbak.
Syncbak provides a web-based platform for broadcasting live, local television on devices like internet-enabled TVs, tablets and smartphones. The company, per its website, aims to "deliver more content to more viewers on more screens" with technology that addresses the central challenge keeping live local and network television offline – the ability to localize the internet. To address that challenge, Syncbak uses a system of authenticating over-the-air viewers so as to protect rights holders and their ability to generate revenue from programming.
With the recently completed round of funding, Syncbak can more aggressively address an agenda that includes a summer spent testing its technology with television stations across the country.
"Completing our Series B financing puts us in an excellent position to hire additional staff, put a consumer facing on Syncbak.tv and continue building out our network of connected affiliates," Perry (left, photo from syncbak.com) said in a release. "The stations piloting our technology this summer are getting a glimpse of internet-age TV, which we see as a personalized viewing experience for consumers and a renaissance for broadcasters."
Syncbak is using funds to complete its trial of internet television technology in 50 stations (representing seven major broadcast groups) this summer. The technology is driven by proprietary hardware that enables Syncbak and its broadcast partners to stream personalized, or one-to-one, television to authenticated viewers on connected devices.
When commercialized, Syncbak’s platform enables broadcasters to provide ad-supported and pay-to-view programming through an unlimited multichannel lineup. Syncbak expects the platform to be a launching pad for personalized viewing of niche and traditional broadcast content.