Canada-based video technology developer You.i TV has raised $12m in a funding round led by Time Warner Investments, the corporate venturing unit of media conglomerate Time Warner.
Growth equity fund Vistara Capital Partners and investment firm Kayne Anderson Capital Advisors also supported the round.
You.i has created a video app development tool named You.i Engine that allows clients to easily build applications compatible with a range of devices including smartphones, set-top boxes, smart televisions and consoles.
The capital will allow You.i to cope with demand, improve app design workflow and grow its partner network. Time Warner’s content production subsidiary Turner will use the engine for its video app development, while Scott Levine, managing director of Time Warner Investments, will join You.i’s board.
Kayne Partners, a subsidary of growth private equity group of Kayne Anderson Capital Advisors, led a $15m funding round for You.i in September 2015,.
Levine said: “Delivering video directly to consumers is becoming vital to the media industry, and offering a compelling user interface and app experience is an important piece of this value chain.
“We were immediately impressed with the You.i TV products, seeing how they create high-quality, unique branded experiences across multiple device platforms, while powering higher engagement rates with users.”