Ottawa-based startup Elliptic Technologies, a leading provider of security for digital content, today announced $4 million in additional funding from existing and new investors, including BDC Venture Capital and Anges Quebec members.
Elliptic previously raised at least $1.7 million in series A funding.
Elliptic provides embedded security and content protection solutions, and the company will be spending the money on its growth strategy, continued development of its “tVault™ technology”, and expansion of the sales and marketing teams and initiatives.
“We are delighted to have been early investors in Elliptic Technologies. Elliptic has built an impressive list of clients, and demonstrated consistent leadership and innovation in delivering security solutions which is why we believe they have what it takes to grow and move to the next level,” said BDC Venture Capital’s Ian Wyatt. “This investment fits naturally within BDC Venture Capital’s efforts to bolster the Canadian venture ecosystem, by enabling the best companies to achieve scale. We wish Elliptic ongoing success in their expansion efforts.”
Elliptic Technologies claims it is “leading the world in DRM and link protection solutions”, and this includes its flagship tVault technology for downloading and sharing premium content between multiple devices. “DRM” refers to digital rights management, and are various technologies that enable hardware manufacturers, publishers, copyright holders, and individuals to control the use of digital content and devices after a sale. The term is also sometimes referred to as copy protection, copy prevention, and copy control, and it overlaps with copyright infringement prevention.
Evidently there’s a solid market opportunity, and Elliptic’s investors are confirming that with today’s investment news.
“With the number of connected smart devices predicted to reach 50 billion by 2020, creating countless possibilities to access and use content, we recognize a critical need for embedded security in these devices,” said Elliptic CEO Vijay Dube. “I consider the support of our existing and new investors to be a strong testimonial of their confidence in Elliptic’s products and expertise to compete and succeed in this marketplace.”
Anges Quebec’s Francois Grenon added that the company has the potential to be a “security game-changer” for connected devices like smartphones and tablets, and the digital content being produced through them.
“We are pleased to support this funding to boost their long term goals, technical capabilities and ability to gain traction in new markets – they are well poised for success,” said Grenon.
