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Press Release: InnovationQuarter invests in Tiledmedia to significantly increase reach of Virtual Reality

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by Weronika Naklicka in News, Partners
May 1, 2018 0 comments

Rotterdam, 26 April 2018 – during the Rotterdam Capital Days event, Venture Café’s Executive Director Anoesjka Imambaks announced that InnovationQuarter has joined the group of investors in Dutch Virtual Reality start-up Telemedia. The Rotterdam-based spin-off from national research institute TNO enables a significant increase in the quality of Virtual Reality services and a reduction in the required bandwidth for streaming VR content. Tilemedia’s clearVR technology removes one of the biggest obstacles preventing Virtual Reality from becoming widely accessible. With the capital injection, which is further boosted by a recent innovation loan granted by the Netherlands Enterprise Agency (RVO), Tilemedia has close to € 2 mln. available for accelerating its development and expanding its sales and marketing activities.

Unrealised potential of Virtual Reality
Despite the many potential applications, Virtual Reality (VR) is only slowly catching on, for two main reasons: the limited availability of content and the high bandwidth required to stream VR – too high for the average internet connection. Tiledmedia solves this problem by cutting up the content into so-called ‘tiles’ and only streaming those tiles that are in the users’ view. The user sees only 13% of the full image, which makes sending the entire panorama very inefficient.

Tiledmedia’s ClearVR technology can either increase quality by a factor of five at the same bandwidth, or stream the same quality as current applications with up to 80% bandwidth reduction. Such substantial efficiency benefits cannot be matched by any competing technology.

Opening the door to a wider audience
Distributors of VR content benefit from the Tiledmedia technology because they can stream their VR productions in the highest possible quality to the widest possible audience at substantially lower costs. This makes it more attractive for media companies to produce VR content, overcoming any cost-related challenges, and serving as a catalyst for the VR market. The company’s technology makes it possible, for instance, to experience your favourite sports event or pop concert live as if you were there, while being at home on the couch with a VR headset.

International network
Founded in early 2017 by Frits Klok (CEO), Ray van Brandenburg (CTO), Arjen Veenhuizen (COO) and Rob Koenen (CBO), Tiledmedia has an experienced management team with a large international network. Rob Koenen is President of the Virtual Reality Industry Forum (VRIF) and plays an important role in international standardisation of media technology in ISO/IEC MPEG, known for its MP3 specification. Working at TNO, the founding team spent five years developing the tiled streaming technology, which achieved great commercial potential with the advent of VR.

Widely recognised name

Tiledmedia is a widely recognised name in the global VR ecosystem. In April, the company co-exhibited at the NAB Media Technology Show in Las Vegas alongside industry leaders Ericsson and Harmonic to showcase its ClearVR solution. Tiledmedia’s first customer will soon launch a spectacular VR service and various international parties have expressed interest in integrating ClearVR into their VR platforms.

“Welcoming InnovationQuarter to the existing group of angel investors means that we have the necessary fuel to further develop our marketing and sales, while bringing a professional fund on board,” says Frits Klok, Tiledmedia’s CEO. “InnovationQuarter brings experience and an extensive network to the table thanks to the many companies it funds. This will certainly help us in the further expansion of Tiledmedia.”

Francis Quint, head of InnovationQuarter Capital: “Tiledmedia is a spin-off from TNO, a partner of InnovationQuarter and an important organisation in our regional ecosystem. In addition to the capital injection from the consortium of business angels, this investment by InnovationQuarter will help Tiledmedia commercialise its VR technology and make the application of VR accessible to a wider audience.”

About Tiledmedia B.V.
Tiledmedia is a global frontrunner in the flexible streaming of virtual reality. Its technology makes it possible to stream video content with extremely high resolutions to ordinary consumer devices without loss of quality. Tiledmedia produces software for cloud processing and consumer devices. Through the company’s advanced software products, distributors of such video content can reach the maximum number of viewers with the highest available quality at the same or lower costs. The company is a spin-off from the Dutch national research institute TNO and established itself in Rotterdam in February 2017. See www.tiledmedia.com.

About InnovationQuarter
InnovationQuarter is the regional development agency for West Holland. It finances innovative, fast-growing local enterprises and helps transnational companies become established in this unique delta region. InnovationQuarter also facilitates national and international collaboration between forward-thinking entrepreneurs, knowledge institutes and governments. By collaborating with the business community, the agency is helping to make West Holland one of the most dynamic regions in Europe. As a lifecycle financier, InnovationQuarter finances companies in different cycles of their
business growth and draws its investments from three funds: IQCapital, UNIIQ and
ENERGIIQ.

  • IQCapital is an €80 million fund that invests in innovative businesses in West Holland, from startups and scale-ups to mature SMEs.
  • UNIIQ is a €22 million investment fund focused on the proof-of- concept phase and was
    created by Erasmus MC, Delft University of Technology, Leiden University and
    InnovationQuarter. It helps entrepreneurs bridge the riskiest phase, from concept to
    promising business.
  • ENERGIIQ is a €35 million Province of South Holland fund that finances the
    commercialisation of proven energy innovations which lead to CO2 reduction.

InnovationQuarter is made possible by the Dutch Ministry of Economic Affairs and Climate Policy, the Province of South Holland, Rotterdam-The Hague Metropolitan Region, the Cities of Rotterdam, The Hague, Leiden, Delft, Drechtsteden, Westland and Zoetermeer, Delft University of Technology, Erasmus University Rotterdam, Leiden University, the Leiden University Medical Center, Erasmus Medical Centre, Foundation HEID (Holding Fund for Economic Investment The Hague) and the European Union.

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