MobiTV Closes Series C and Tops $100 Million
Strategic Investors Adobe and Hearst Participated in Final Close
EMERYVILLE, CA, November 2, 2006 – MobiTV, Inc., the global leader in mobile and broadband television and music services, today announced the second close of its Series C Funding with an additional $30 million investment and two new investors, Adobe Systems Incorporated and Hearst Corporation, bringing the total round to more than $100 million. Additional investors in the round include Oak Investment Partners, Menlo Ventures, Redpoint Ventures and Gefinor Ventures. These funds will support the Company’s continued growth in response to the overwhelming demand for its mobile and broadband television and radio services.
“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.”
MobiTV has been investing heavily in networking and media delivery technology and infrastructure, and is committed to further developing open standards and protocols. The Company’s 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 is making significant progress in a promising market,” said Paul Weiskopf, vice president of Corporate Development at Adobe. “MobiTV’s effort to build out viable, network-agnostic services leveraging Adobe platform technologies is important to fostering industry growth and market opportunity for a number of players.”
“At Hearst we are very interested in the direction this market is headed and are confident that MobiTV is a company that will continue down the path of success and innovation both in the PC and mobile markets,” said Ken Bronfin, president, Hearst Interactive Media.
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.
MobiTV, Inc. (www.mobitv.com) is leading the convergence of television, film and music content across the mobile and personal computing markets. The Emmy® Award winning service has more than one million subscribers and offers popular TV and digital radio channels from top labels, networks and cable providers. The MobiTV service is available in the US through AT&T, Sprint, Cingular, Alltel; the UK through 3UK and Orange; in Canada through Bell Canada, Rogers and TELUS Mobility; in Latin America through América Móvil, Claro and Telcel; and other regional carriers internationally. Founded in 1999, MobiTV is a privately-held company headquartered in Emeryville, CA.
MobiTV and the MobiTV logo are trademarks, service marks, and/or registered trademarks of MobiTV, Inc. in the United States and in other countries. All other trademarks, service marks, and product names used herein are the property of their respective owners.
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