Mobile TV Firm Raises Investment Funding

MobiTV has managed to raise an impressive US$70 million in a Round C investment led by Oak Investment Partners will fuel the Company's expansion across international markets. Oak Investment Partners' Bandel Carano will join MobiTV's board of directors as part of this investment. The Company recently expanded its product line to deliver the MobiTV service to personal computers across WiFi and other broadband networks and announced the commercial availability of the MobiTV service in Latin America.

"We have taken tremendous strides to develop this rapidly emerging market across three continents over the last few years," said Phillip Alvelda, CEO, chairman and co-founder, MobiTV. "These rather substantial funds will help us capitalize on MobiTV's head start and position as the premiere brand in mobile television. We plan to use these funds to provide even more television content on more devices, across more networks, and in more countries around the world."

"MobiTV has a unique position in the mobile television market, serving as the leading content aggregator, delivery system and technology expert for carriers," said Bandel Carano, Managing Partner, Oak Investment Partners. "This investment underscores our belief in the future of media delivery through handheld devices and PCs, and MobiTV is at the center of this change in both media delivery and consumer behavior."

The MobiTV service reaches mobile subscribers through more than 20 carriers around the globe including Bell Canada, Rogers and Telus in Canada, 3 and Orange in the UK, and America Movil in Latin America."

Posted to the site on 13th July 2006