Indian Angel Network (IAN) today announced its exit from Jigsee, a Mumbai –Canada based mobile video streaming startup. Jigsee’s complete assets were acquired by a mobile video search and delivery company, Vuclip for an undisclosed amount.
Founded in 2008 by Ray Newal and Areef Reza, Jigsee is a provider of adaptive video streaming technology for wireless devices in developing countries. Jigsee raised an undisclosed amount from Indian Angel Network in February 2011. Prior to starting Jigsee, Ray headed content and business development at Yahoo Canada and Areef Reza, the CTO of the company leads the technology development effort.
Talking about the exit, Ray Newal, co-founder and CEO, Jigsee said, “We were appreciative of the strategic guidance and support which we received from the IAN. The expertise of IAN members provided insights which helped us to successfully apply and scale our technology in India.”
Rehan Yar Khan, an IAN member said, “The emerging world now has over a billion mobile phones and has thus entered the era of mobile first. Mobile video on these largely 2.5G networks will be the primary form of video access, but the challenge will be to serve them in this technologically challenging environment. Jigsee and now Vuclip fulfills this need and is key to the video delivery stack.”
Indian Angel Network has over 200 members and has funded over 44 start-ups across multiple sectors like IT, Mobile, Healthcare and Education, across India and overseas and has made several successful exits.
In 2011 alone, IAN invested over $8 million in 11 start-ups making it almost a deal a month. In 2012, IAN invested in 14 companies totaling $11 million.
