Cloud-based TV operator Magine scores $19m for international expansion

Swedish cloud-based TV operator Magine announced that it has closed a $19m Series A financing round from Swedish and international investors, which will help the company expand its recently launched service globally.Magine launched its over-the-top (OTT) TV service is Sweden back in March this year and is unique to the extent that the company has opted to gain carriage of full linear channels rather than sign deals with studios and content providers for individual shows or packages of content, and operates the service at significantly lower costs than traditional cable service providers by using cloud-based technologies.The company streams the content in both real-time and catch-up modes and has signed deals with a number of TV and tablet manufacturers in order to enable the service.