Shelton-based DomaniCom Corp. has received $150,000 in financing from Connecticut Innovations, the state”™s quasi-public authority responsible for technology investment and development.
“With so much technical talent available in Connecticut, CI”™s funding will enable us to continue the development of our solution while entering a growing market,” said Arun Sengupta, vice president of operations at DomaniCom Corp.
The systems and software company has secured matching funds, as required under the program, from several investors.
DomaniCom is developing technologies to integrate linear TV, Internet protocol TVÂ and non-video services under one management system. The company”™s solution, which incorporates seven patent-pending technologies, is intended to eliminate the need for multiple single-function products, reducing clutter and improving the overall end-user experience.
“Convergence and integration are clearly the direction we”™re moving toward and DomaniCom is right at the forefront,” said Peter Longo, president and executive director of CI.
Longo said that adding a digital convergence and multimedia and communications technology company to its seed-fund program demonstrates the broad scope of companies Connecticut Innovations works with. The nine-month-old $4 million pre-seed fund supports the formation of new tech companies by providing loans of up to $150,000 to Connecticut-based startup and early-stage companies. Connecticut Innovations”™ team also offers mentoring and will help coordinate access to resources. This is the 11th financing deal done through the program.
