- 1,849 technology companies from all over the EU have presented projects, in sectors ranging from nanotechnology to biomedicine. There are only 44 winners, 2.3% of the total presented. Only 21 companies receive blended finance (grant+equity)
- CINFO has received 100% support for an initial investment of €6.03M in product, R&D and growth
- € 3.9M will be in the form of direct capital investment by the new EIC Fund.
- 25 additional jobs will be created in the area of Artificial Intelligence.
- The investment phase is scheduled to start in June 2020. This investment is added to Cinfo’s business plan, which already involved a significant investment in R&D.
- Private investors may join the investment of the EIC Fund
A Coruña, Spain, March 18th 2020.-
Cinfo has just received the official notification of 100% approval for its project “Tiivii: Smart Automatic TV production for everyone”. The project was submitted to the European EIC Accelerator call. The EIC Accelerator is based on the Phase II SME Instrument and innovatively provides support in the form of blended funding (combining grant and capital).
The EIC Accelerator scheme supports “small, medium-sized, high-potential innovative companies that wish to develop and market new products, services and business models that can drive economic growth and shape new markets or disrupt existing ones in Europe and all over the world”. 21 companies such as Cinfo have finally been selected out of 1,849 companies listed as the most promising in the EU. 180 companies were finalists.
The EU has valued that “Cinfo’s innovation is advanced and disruptive, it could have many applications and it takes full advantage of AI and 5G technologies; therefore, the timing is correct. It has the potential to create a new global marketplace, which includes communities around sports and new business models for sports clubs. ”
The EIC Accelerator committee has approved a combined investment of direct and capital support that means a takeover of around 20% of Cinfo (pending legal and financial
procedures) and in which they could be incorporated, by mutual agreement with Cinfo. and the “EIC Fund”, additional investors who want to commit to the project.
The project will take 36 months and, according to it, Cinfo will expand in at least 9 countries and will cover a total of 14,000 sports facilities, operating under the B2B and B2C business models, since Cinfo will launch its own sports OTT under the Tiivii brand.
Cinfo is already operating in Spain, Mexico, Japan and Switzerland.
The investment in R&D will be carried out mainly at Cinfo’s headquarters in A Coruña and will have CITIC of the University of A Coruña as an outstanding partner
Cinfo is a company based in Galicia, Spain and specialized in cloud based intelligent automatic video production systems. Throughout its more than 15 years of experience, it has developed high-performance system architectures for OTT platforms (TV broadcasting over the Internet), smart TV, digital television, mobile apps, artificial vision systems and cloud video processing. Cinfo’s Tiivii powers artificial intelligence-driven fixed and mobile cameras and guides them to collectively follow matches and produce automatic TV quality broadcasts, including different angles, highlights and high level cloud production.
Cinfo has been an independent company since July 2018. It has had the support and investment of Xesgalicia, VigoActivo and Enisa.