MobiTV Raises Another $30 Mill, Adding up to at Least $125 Mill Total Investment
Amit Chowdhry | Thursday November 2, 2006 | 562 views
MobiTV of Emeryville, CA has recently raised another $30 million as part of its Series C, according to GigaOM. On July 12, 2006, MobiTV had also raised $70 million from other investors led by Oak Investment Partners. The current $30 million in funding comes from corporations, Hearst Corporation and Adobe Systems. Throughout MobiTV’s inception in 1999, they have accumulated over $125 million.
With this new investment, MobiTV plans on expanding their services and increasing a customer base. Hearst Corporation is a major player in media investments. For example, on the Hearst Corporation homepage, there is press release entitled, “Goldman, Sachs & Co. and Hearst Corporation Lead $30M Series C Financing for Fast Growing Free Directory Assistance Provider Jingle Networks” from October 23, 2006. And we all know that Adobe Flash is being heavily used by video sharing conglomerates YouTube, Soapbox, and Google Video. So this is a clear-cut choice of investment for both Hearst and Adobe.
MobiTV offers services for cellphones, Palm products, Windows Mobile devices, and laptops. What is MobiTV? According to the About Us page on the MobiTV website:
MobiTV, Inc. is the first mobile television and digital radio service provider for cellular, WiFi and broadband enabled devices worldwide. The MobiTV® service is available in the US through Sprint, Cingular, Alltel; in the United Kingdom through 3 and Orange UK; and to Canadian customers through Bell Canada, Rogers and TELUS Mobility; and other regional carriers around the world.
MobiTV was founded by Dr. Phillip Alveda and Paul Scanlan. Alveda (current CEO and Chairman of MobiTV) was also the founding CEO and CTO of The MicroDisplay Corporation and was also a developer of spacecraft software systems and hardware at the NASA Jet Propulsion Laboratory. Scanlan (COO of MobiTV) was a previous Executive VP and Managing Partner with Enterprise IG.
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Categorized under Adobe Systems Inc, Hearst Corporation, MobiTV, Oak Investment Partners
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