Venture Capital fund Sequoia Capital is investing in Formula Vision subsidiary SintecMedia. Formula Vision is the Israeli software arm of the Formula Group. Dan Goldstein is CEO and Chairman of Formula Vision as well as Formula Systems, another Formula Group subsidiary.
SintecMedia develops and markets a software infrastructure system for the television and cable industries that enables managing broadcast networks and stations. Its systems manage airtime sales, traffic, programming, and promotion campaigns.
SintecMedia will raise $3 million from existing investors, and $7 million from Sequoia Capital Israel.
Sequoia will receive shares worth 15.5% of SintecMedia's capital, implying a $46.6 million company value. After the investment is completed, Formula Vision's fully diluted stake will be 14.4% of SintecMedia.