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Innovation & Job News

Intertainment Media secures $5M investment, announces a slew of new product innovations

Richmond Hill-based Intertainment Media has had a busy month announcing rapid growth, including new investment, increased revenue and a series of new product launches.

On July 15, the company announced that it had secured $5 million in equity investment from GEM Global Yield Fund, to be used to enhance existing product lines and create new ones. The announcement of new capital comes alongside a slew of new product announcements this month for its application itiBitti: an app for web personality Toby "TOBUSCUS" Turner, an app the "Hip Hop Bible," and a partnership with major sports and entertainment venue representative Ballena Technologies.

Most recently, they announced just this week the launch of Ortsbo, the world's first "multi-client, multi-conversation real-time translation platform for social media and email," which will allow translation of online conversations instantly in over 50 languages.

All of this comes on the heels of already encouraging growth. In a letter to stakeholders dated July 5, company CEO David Lucatch reported that quarterly revenue in 2010 was up more than 300 per cent over the same quarter of 2009. On the phone, Lucatch says that in the past year, the company has opened new offices in New York, Los Angeles and Silicon Valley, and roughly doubled the size of its staff to just over 40 employees.

"We've been putting our plan in place for three years now, our products are exceptional, and that's given us the foundation to start growing as we execute the plan to commercialize the products we have," he says.

Writer: Edward Keenan
Source: David Lucatch, CEO, Intertainment Media

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