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MobiTV Gets $70 Million in Venture Capital Funding

7:00 am on July 14, 2006 | Category: Business, Television, Wireless, Wireless Technology

MobiTV, a seven-year-old privately held company known for its mobile television technology, has raised $70 million in venture capital funding from Oak Investment Partners.

The Emeryville, California-based wireless broadcaster has seen significant growth this year, doubling its user base in a period of six months, to reach 1 million paid subscribers in April. These spectacular results, along with a promise to add Oak partner, Bandel Carano to the MobiTV board of directors, were enough to get Oak on board as a major investor.

“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,” said MobiTVâ€™s Chairman, CEO, and co-founder, Phillip Alvelda, in a statement.

The company already has deals with a wide array of wireless carriers, including Sprint Nextel, Cingular, and Alltel in the United States; Rogers Communications and Telus Mobility in Canada; Orange and 3 in Europe; and America Movil in Latin America.

By eapanding on these partnerships, and creating new distribution deals around the world, MobiTV hopes to further expand its user base and become a well-known global brand in television for wireless devices.

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