3i leads £1.5m second round for Essential Viewing

Scottish Equity Partners also invested in the video compression firm.

3i led £1.5m in second round funding for Essential Viewing Systems, a Glasgow-based company that develops software compression technology.

3i put up £900,000 and the balance was provided by Scottish Equity Partners.

A spokeswoman for Essential Viewing said the money would fund expansion. “We will use the money to expand, recruit and market our product,” she said. The company expects the funding to last for at least a year.

Essential Viewing was spun out of the University of Strathclyde in July 1999.

The university had been developing video compression for some time and decided to launch its technology commercially. Seed financing of about £303,000 came from 3i and Scottish Development Finance.