EMERYVILLE, Calif.—MobiTV Inc. said it snared a whopping $70 million in a Series C financing round led by Oak Investment Partners.
The three-year-old wireless video provider said it will use the capital to expand its offerings internationally and across platforms. Oak Investment Partners’ Bandel Carano will join MobiTV under terms of the deal.
“We have… developed(ed) this rapidly emerging market across three continents over the last few years,” said MobiTV co-founder and Chief Executive Officer Phillip Alvelda. “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 gained substantial traction in the early days of wireless video, providing services to more than 20 operators including Cingular Wireless L.L.C., Sprint Nextel Corp., Bell Canada, Orange UK and 3. MobiTV also has inked a deal to deliver services through AT&T Corp.’s Wi-Fi network. The company claims more than 1 million subscribers, and recently moved into Latin America via an agreement with America Movil.
MobiTV is said to be working to add broadcast capabilities. Such efforts could allow the company to be compatible with multimedia broadcast networks including Qualcomm Inc.’s MediaFlo technology and Crown Castle International Inc.’s Modeo effort.
