Mirifice Ltd has secured £250,000 of funding from the YFM Group managed, South West Ventures Fund. Mirifice has developed MirimonTM, a unique monitoring solution for Digital TV networks, and the investment will be used to support the marketing and rollout of the product to major cable, satellite and IPTV broadcasters.
MirimonTM gives Digital TV broadcasters an unprecedented view of the customer experience that they deliver, and enables them to monitor and improve their end-to-end service delivery. With the drive to offer Triple and even Quad-play services, network technology convergence has brought broadcasters, telcos and ISPs into direct competition. These companies are struggling to simultaneously role out new services and new technologies whilst improving their quality of service, particularly for Digital TV. Without a real-time view of their service delivery they are running blind: MirimonTM provides this view.
Mirifice’s current customer base includes leading digital TV broadcasters and set top box manufacturers such as Virgin Media, Sky, Pace, Amino, Thomson, OpenTV and Scientific Atlanta. The benefits of MirimonTM is to enable broadcasters to improve the customer experience they deliver: reducing churn, improving customer acquisition and encouraging the adoption of revenue generating services. This also enables more efficient customer relationship management, network management and set-top box management, thus reducing operational costs.
Mirifice’s patented technology monitors the quality of the service delivered to the subscriber in the live network. If the quality falls outside an acceptable envelope the broadcaster is notified with supporting diagnostic information. MirimonTM can even identify problems before the subscriber is even aware of them.
The YFM Group investment will support rollout of the product and fund sales and marketing initially focusing on direct sales to European broadcasters. In parallel Mirifice is developing a channel sales model, based on OEM licensing and integrator/re-sellers, to address the global market.
Paul Tinkler, Chief Executive of Mirifice, helped found the company in June 2004. Speaking about the investment he said: “The funding from the YFM Group has come at an exciting time for the company. This investment enables us to aggressively promote Mirimon to the global market and to make further enhancements to the product. The advice we received from ICON Corporate Finance was invaluable in identifying YFM Group as the right investment partner for Mirifice.”
Mirifice, which was founded in the University of Bath’s Innovation Centre, is another example of successful business incubation by the SETsquared Partnership. The company now has a turnover in excess of £1m, and in 2006 moved to its own premises in central Bath.
Julian Dennard from YFM Group said: “This is an excellent company for us to support. Mirimon is a market-leading product with few, if any, serious competitors. Mirifice’s existing customers are extremely supportive of the Mirimon product and the benefits it can bring. We are pleased to support this competent and highly regarded management team and look forward to working with the company to achieve future success.”
Eddie Harding of ICON Corporate Finance who introduced YFM and advised on the deal said: “Mirifice has developed a unique product and is leveraging its extensive existing relationships in the broadcasting sector to become a world leading provider of Digital TV network monitoring services. This funding from YFM is an important first step in helping to take the company onto the global stage.”