Wednesday, November 1, 2006

MobiTV Adds $30 Million for Mobile TV Services

MobiTV, a provider of mobile and broadband television and music services, announced the second close of its Series C Funding with an additional $30 million investment and two new investors, Adobe Systems and Hearst Corporation, bringing the total round to more than $100 million.

MobiTV is building out network-agnostic services leveraging Adobe platform technologies.

The company said its primary goal is to build a mass-market service by supporting seamless television and radio delivery across a wide range of network technologies to both mobile and fixed screens with the best possible viewing quality. MobiTV has the largest and fastest-growing customer base in the industry, with well over one million paying subscribers who can now watch top news, sports, entertainment and music videos on their handheld, Wi-Fi or broadband enabled devices, including PCs.

Additional investors in the round include Oak Investment Partners, Menlo Ventures, Redpoint Ventures and Gefinor Ventures.

"We are truly fortunate to have garnered such a fantastic set of partners that share our vision of transforming the way people experience and interact with TV and radio wherever they are, no matter what device they happen to be watching," said Dr. Phillip Alvelda, CEO, chairman and co-founder, MobiTV.

"We plan to use these funds to strengthen our current market lead, and to invest in further research and development of new network technology standards such as WiMAX."

  • In September 2006, AT&T announced plans to offer the MobiTV service to broadband users in the United States, including AT&T Yahoo! High Speed Internet and AT&T WorldNet subscribers. AT&T currently has more than 7.8 million DSL lines in service.

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