Internet entertainment applications developer bp InTech received an investment from LGiLab

noreply@blogspirit.com (IsraelDigital) — Wed, 1 Nov 2006 15:05:00 +0200

Online entertainment applications developer, bp Interactive Technologies (bp InTech), has received an investment from the Lightspeed-Gemini Internet Lab (LGiLab). bp InTech is the first investment of the LGiLab, a Web 2.0 Lab that intend to support emerging Internet startups with an initial investment of up to $1 million.

Founded by Tal Ben-Simon and Tomer Pascal, bp InTech is developing a new fantasy sports arena called playSPEX- The Sports Exchange. Fantasy sports is the term used for a popular pastime where pretend “owners” of a sports team compete against others on the basis of statistics generated by individual players of a real professional sport.

The playSPEX project is using the latest web technologies and creating a strong community of sports fans and fantasy sports players from around the world, with the ultimate goal of becoming a major global online sports center. The patent-pending system is expected to launch in 2007.

Fantasy Sports is a big part of American culture, and growing rapidly in Europe. Today, 15 to 18 million adults in the US play fantasy sports, according to the research estimates of Fantasy Sports Trade Association. ESPN, Fox and Yahoo are currently the leading players in this industry.

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Internet entertainment applications developer bp InTech received an investment from LGiLab