Russian developer CINEMOOD announced on Thursday the IIDF fund of Moscow invested USD $2.5 million Series A equity. The company created portable mini-cinema projector devices with a content platform for kids and released its second model, which is is a complete platform of hardware and entertainment and educational content, in 2016. CINEMOOD successfully secured more than $150,000 for the second-generation device through global crowdfunding platform, Indiegogo.
“As parents, we created CINEMOOD for our own children. We loaded the device with a huge library with licensed content – cartoons we loved as kids, digital books, lullabies, shadow puppet show tutorials and popular new cartoons. It’s all safe, curated content — not like when kids browse YouTube or the Internet. We are pioneering mini-cinema for family entertainment and think it will take off in the market the way gaming devices did in the past.”
IIDF’s Director of Portfolio Management, Sergey Negodyaev, added:
“CINEMOOD is not simply a fine projector but a gateway for a whole multimedia ecosystem of children’s content. The project team designed it so that the children could watch constantly updated and interesting content without advertising, and parents would not have to worry about kids changing content filters, browsing YouTube, or visiting inappropriate sites. CINEMOOD solves that longstanding problem for parents, and thanks to this advantage the project will rapidly grow in the USD $15 billion addressable market across the USA, Europe, and Russia.”
CINEMOOD added that the funds from IIDF would be used to support the startup’s manufacturing, downstream R&D, and market expansion.
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