BERKELEY, Calif.-Idetic Inc. will use $15 million in new investment capital to fund the expansion of its MobiTV wireless TV service, the company announced Thursday.
The financing round, led by Silicon Valley firms RedPoint Ventures and Menlo Ventures, will help Idetic market MobiTV to new domestic and international carriers. Currently, the service is available only to Sprint PCS Vision subscribers.
“In the next few months, we will bring live television and rich interactive media streams to new geographies, new carriers and new customers,” said Phillip Alvelda, Idetic chairman and chief executive officer. “Consumers around the world (will) increasingly use their phones to stay in the know while on the go.”
Under terms of the financing agreement, one member of each of the leading investors was named to Idetic’s board of directors.
