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.
About MobiTV
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.
