The leading Internet protocol television (IPTV) software and hardware developer Elecard Devices has received $10 million in a form of convertible loan from Slaviansky Bank, reported business daily newspaper Kommersant. The funds will be invested into expanding sales in the U.S. and South East Asian markets. The company expects to complete a financing round in January 2009.
Founded in 1988, Elecard develops software products for encoding, decoding, processing, receiving and transmission of video and audio data in different formats including MPEG-2 and H.264/AVC. The company also offers IPTV set-top boxes for Russian IPTV market. Tomsk-based Elecard Devices reported revenues of $5 million in 2007. It is part of Elecard Group of companies that employs 160 people.
According to Infonetics Research, the combined IPTV and switched digital video (SDV) equipment market is forecast to grow in double-digits annually to reach $9.8 billion worldwide in 2011. Russia plans to switch to digital TV by 2015.