Web multimedia start-up VidiMax has received a USD 4.25 million capital boost as it develops technology and prepares for the launch of its commercial services next year. The venture capital came by way of Troika Dialog, the leading independent investment bank in Russia, giving the firm a majority stake in VidiMax. Troika believes in the success of the start-up as estimates suggest nearly 10% of Russian pay TV subscribers also watch online video content regularly.
Former Netville CEO Svetlana Belova founded VidiMax in 2009 with the goal of developing a new platform for delivering licensed video products to consumer televisions via broadband internet connections. The company’s technology will be ready to launch in the spring of 2010 for consumers with broadband connections and will be streamed in High Definition. VidiMax will target pay TV operators and internet service providers as the initial customers for its video platform.
Troika Dialog (www.troika-dialog.com)
Founded in 1991, Troika Dialog is a privately owned investment bank in Russia providing service in the areas of investment banking, alternative investments, personal wealth and asset management, retail distribution and securities trading. With more than 1,300 employees, including 109 employee-owners, Troika operates in 20 Russian cities as well as Almaty, Kyiv, Nicosia, London, and New York.