BIAP Completes Funding Round10/11/2004 3:39 AM Eastern
BIAP Systems Inc. said Monday that an $11 million equity funding has been completed.
The provider of artificial-intelligence solutions to the broadband industry said principal investor SCP Private Equity Partners II L.P. led the funding round.
The round was made up of the purchase of $3 million of the company's series-D preferred stock by SCP and the conversion of $8 million of debt into the company's preferred stock.
BIAP's software technology enables digital-cable subscribers to receive personalized information directly on their television screens, such as personalized stock tickers, local weather, traffic, sports results and news about their local community.