DURHAM, N.C.—Motricity is looking to expand its content business after raking in $40 million in venture capital.
Advanced Equities Inc. led Motricity’s most recent round; fellow existing investors New Enterprise Associates and Technology Crossover Ventures also participated. The announcement follows July’s $30 million fundraising round and a $27 million effort in the fall of 2004.
Motricity has raised more than $120 million since it was founded in 2001. The company in recent months has notched agreements with customers including Alltel Corp., Virgin Mobile USA L.L.C., Sony Ericsson Mobile Communications L.P. and BET.
Chief Executive Officer Ryan Wuerch said the cash will be used to market the company’s Fuel 5 platform, which is designed to allow carriers and third parties to monetize mobile content quickly and efficiently.
“The new customers that we’ve recently won are seen as leaders in the mobile operator, device manufacturer and media and entertainment industries, and we have others that we have yet to announce,” Wuerch said. “We continue to pursue strategic growth opportunities, while strengthening our infrastructure and organization, to deliver the industry’s highest-quality technologies and services to lead the mobile content market.”
Meanwhile, publisher EmdigoT Inc. said it raised an undisclosed sum in a recently closed funding round. Howard Lau of East Gate Capital Management L.L.P., which led the round, joined EmdigoT’s board under terms of the financing.
EmdigoT, which develops 3-D content and production technology for wireless companies, said it will use the cash to build its staff and expand sales and marketing efforts.
