iNovia Capital announced this morning its investment in Calgary-based Tynt Multimedia to complete the closing of a $5 Million financing round that included existing angel investors and the Alberta's AVAC Ltd.
Techvibes reported two weeks ago that Tynt had refocused their resources on a new product called Tracer - a new service that can monitor and track when users copy content from a web site and further attach attribution to the copied copyrighted content. Sounds like the iNovia and AVAC think that Tynt SEO Derek Ball is on to something big.
“Derek has assembled a world class team and they are laser focused on a huge, unaddressed problem with unique and patent pending intellectual property” said Shawn Abbott, Partner with iNovia Capital. “Tynt fits our digital media strategy and also has a high degree of synergy with our existing portfolio.”
“We are thrilled that iNovia has joined AVAC in supporting Tynt,” said Ross Bricker, CEO of AVAC Ltd. “One of the markers of success for companies within AVAC’s portfolio is the securing of subsequent investment from firms like iNovia. We saw Tynt’s potential to be a disruptive force in the global social networking marketplace and we are delighted by the company’s progress to date.”
AVAC has been very active of late with investments in Ph03nix New Media and Psyko Audi Labs through its IVAC investment initiative.