Accedo, a maker of multiscreen interfaces, said it has landed up to $10 million in additional capital through a partnership with SEB Private Equity of Stockholm that will be used to accelerate growth and expand product development.
Accedo said the deal will allow earlier investors in the company, including Industrifonden and Acacia, to exit.
Updated: Accedo has raised about $16M in total, an official said.
Accedo also appointed video industry vet James Ackerman as chairman of the board. Ackerman is late of A&E, BSkyB, OpenTV, and the Documentary Channel. Ackerman recently served as executive chairman of Broadway Systems, an advertising management software company that was acquired by SintecMedia in 2015.
“We’re excited to partner with SEB Private Equity to go to the next level, Michael Lantz, CEO and co-founder of Accedo, said in a statement. “They share our vision of the market development and what a company like Accedo can deliver to truly transform the way consumers experience video services. We firmly believe that we’re still only in the beginning of the transformation of video consumption as we know it and we’re looking forward to continue our 12-year growth trajectory in the future.”
“It’s rare to see a transformation of an industry such as what we’re seeing in the TV industry at the moment,” added Ackerman. “The traditional value chain is evolving with new and existing players embracing OTT technologies to reach consumers and monetise video content in new and innovative ways.”
Stockholm-based Accedo has raised $11.27 million, according to CrunchBase. It was founded in 2004.
Accedo's customers include OSN (a pay TV provider in the Middle East and North Africa); Cinépolis, a cinema chain based in Latin America; Sky Deutschland; and maxdome, an SVOD service in Germany.