VAV raises RM2.5m in funding to speed up development of sound wave based technology solutions
VAV, a sound media technology solutions company, has secured RM2.5m ($557,000) in funding from Axiata Digital Innovation Fund (ADIF). Managed by Intres Capital Partners, the fund will be used by VAV to finance technical deployment of its sound wave based solutions as well as to accelerate their commercialization in Malaysia. In addition, the company also plans to use the funding to further explore overseas markets including China.
VAV focuses on developing technology solutions that are based on inaudible sound waves to transmit digital content to smartphones – a new alternative for any organization to engage with their audiences or consumers. For instance, a television company can embed VAV’s product called VAV Tone into their programs to set call-to-actions on viewers’ smartphones during air time.
The broadcaster can invite viewers to vote in a song contest program, as well as, notify them of promotion deals from their advertisers or any customized message of their choice.
Prior to raising the funding from ADIF, the company secured a RM500,000 grant from Cradle Fund Sdn. Bhd.’s program of CIP 500, earlier last year, and, another RM500,000 raised in 2015 from Unit Peneraju Agenda Bumiputera (TERAJU) under their program called Superb Grant.
Wan Kamarul Zaman Wan Yaacob, executive chairman, said, “Our team has put in a lot of man hours since the beginning to develop and fine tune our innovative technological solutions that are going to revolutionize and integrate the traditional broadcast media with the digital media. This, we believe is going to positively impact the broadcast, advertising and promotional sectors that we are currently offering our solutions to.
“Through VAV applications, businesses will be able to optimize their promotional and advertising campaigns as well as to be able to track campaign results and measure their impacts on a real-time basis.”
He continued, “This timely injection of fund by Axiata Digital Innovation Fund (ADIF) will allow [us] to fast track and gear up the marketing solutions to more media companies such as TV and radio stations, online broadcasters, telcos, SMEs and event management companies to help them enhance their advertising campaigns.”
Amin Shafie, Partner at Intres Capital Partners said, “We believe VAV has the right team to kick-off the business. Furthermore, with the investment and partnership from ADIF, VAV would be able to take its first steps to go regional with its innovative media technology and solutions.
Addie Leong Qi Jie, VAV’s chief marketing officer (CMO)added, “We have successfully in 2016, introduced our VAV plug-ins which allow vendors and service providers to embed our VAV software development kit (SDK) into their own mobile apps. This is another area we would like to concentrate on going forward. The funding from ADIF helps support this mission too.”