Philips Electronics has spun off its video fingerprinting and watermarking business unit into a new company, operating under the brand name Civolution.
Civolution also will include Teletrax, a former joint-venture of Philips and Medialink, which provides broadcast TV measurement and verification services.
Civolution will be led by Alex Terpstra, previously CEO of the Philips Content Identification. The company is based in Eindhoven, The Netherlands, with offices in London, New York and Los Angeles.
Prime Technology Ventures, a venture capital firm based in The Netherlands, provided funding for Civolution. As part of the deal, Philips became limited partner in PTV.
Philips said that as an independent company, Civolution has “the flexibility to take new strategic directions beyond the current scope of Philips and to focus fully on meeting market demands as they evolve.”