Digital media distribution company Polar Mobile has received $6 million in new funding, triggering staff increases, global expansion and new product release for the Toronto-based company.
Company Chief Executive Officer Kunal Gupta says the funds will be used to help launch MediaEverywhere, a new product line he says will transform the media industry.
The new funding joins more than $3 million invested from private investors to-date; the new funding round was led by Georgian Partners.
MediaEverywhere is described as an HTML5-based solution to distribute media content in a multi-device environment, including smartphones, tablets and desktops.
It will include support for both app-centric and browser-based media consumption and enable Polar's media customers to create, design and manage custom user experiences in-house. MediaEverywhere will decrease customers' development time and increase their opportunity to monetize their content.
"Polar transformed how media companies deliver content to smartphones and tablets by providing a turnkey, cloud-based software platform for the rapid deployment of feature-rich native applications", Gupta continued. "We are thrilled to have the backing of Georgian and now it is helping to accelerate the launch of our next-generation software platform, MediaEverywhere."
MediaEverywhere will launch later in 2012 and be first rolled out to existing Polar Mobile customers, including some of the world's largest media companies in Canada and around the world, like CBS Interactive, Conde Nast, Sports Illustrated, Shanghai Daily, Future Publishing, TVO, Rogers Media, Metroland, Khaleej Times, TC.Media and The Wall Street Journal.
With the rapidly increasing demand from media companies for scalable software solutions to enable better user experiences that are more personalized and seamless, MediaEverywhere will use audience intelligence to increase engagement and monetization opportunities for customers.
"The complexity of new platforms and ever-changing business models introduces new opportunities that media companies can benefit from with Polar's help," described Justin LaFayette, Managing Director, Georgian Partners. "We are excited about Polar's ability to scale globally and their vision for leveraging applied analytics to enhance engagement and drive monetization of media."
Polar's current product, SMART, provides a fast and easy solution for media companies to launch custom-branded apps across iPhone, iPad, Android, BlackBerry, PlayBook, Windows Phone and Nokia devices. Polar has partnered with top handset manufacturers around the world, and in the past year has entered into commercial agreements with Microsoft, Nokia, Research In Motion, Intel and Samsung.
Headquartered in Toronto, with a presence in San Francisco and Dubai, Polar expects to double its team from 40 to 80 people in 2012 while opening offices in New York and London.
For more Mediacaster Magaine coverage related to this topic, please see;
TVO Portable Media App Moving to Polar Mobile Platform
http://www.mediacastermagazine.com/news/tvo-portable-media-app-moving-to-polar-mobile-platform/1000509740/
Local Newspapers Going Digital with Metroland, Polar Mobile Development Deal
http://www.mediacastermagazine.com/news/local-newspapers-going-digital-with-metroland-polar-mobile-development-deal/1000523345/