The company formerly known as Philips Content Identification, a player in content identification services, has announced the completion of its spin-out from Philips Corporate Technologies. The company will operate under the new brand name Civolution. The spin-out includes Teletrax, the global broadcast intelligence company and former joint-venture of Philips and Medialink.

Prime Technology Ventures (PTV), a leading independent pan-European venture capital firm headquartered in The Netherlands, has provided funding for the new Civolution company through its PTV III fund.

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