LAKE FOREST, Calif.-Mobile TV chipmaker Newport Media Inc. said it added $25 million to its funding coffers during a second round of fundraising. The round, led by Oak Investment Partners, brings the company’s total funding to more than $36 million.
The company said it plans to use the cash to deliver its system-on-a-chip solutions, which support mobile TV standards Digital Video Broadcasting-Handheld, Digital Multimedia Broadcast, Integrated Services Digital Broadcasting-Terrestrial and Qualcomm Inc.’s MediaFLO standard.
“We will bring multi-standard products to market, ramp volume shipments, and help our lead customers with early mobile TV service deployments,” said Mohy Abdelgany, president and chief executive offier of Newport Media.
More and more chip companies are developing solutions for the emerging mobile TV market. The list of players includes startups like DibCom and established industry veterans like Freescale Semiconductors Inc., Texas Instruments Inc. and Philips Semiconductors.
“Mobile multimedia is one of the most exciting segments in the semiconductor sector today,” said Bandel Carano, general partner of Oak Investment Partners. “In just over a year since its inception, Newport Media has successfully developed the most advanced solution for the mobile TV market and is now poised to deliver a multi-standard platform that will enable major breakthroughs in product size, cost and power efficiency.”
Previous investors Benchmark Capital, Venrock Associates, Global Catalyst Partners and Pinnacle Ventures also joined in Newport Media’s funding round.
