MobiTV Raises Another $30 Million in Venture Capital Financing

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MobiTV Raises Another $30 Million in Venture Capital Financing

6:30 am on November 6, 2006 | Category: Business, Wireless Technology, Corporate

MobiTV, a well known developer of mobile television technology, has secured yet another round of venture capital funding, bringing its total financing to about $125 million.

The most recent $30 million cash infusion is part of a “second close” of MobiTV’s Series C funding round, the company said in a press release. It comes just three months after a $70 million “first close” captured the attention of many industry analysts. MobiTV’s newest financiers include Adobe Systems and the Hearst Corporation.

These huge infusions of capital show that many investors are willing to take a risk on the concept of mobile television. To put this funding to good use, however, MobiTV will need to innovate extensively, and break new ground in the world of wireless multimedia.

In April of this year, MobiTV revealed that it had built a worldwide customer base of 1,000,000, but this figure has almost certainly seen some growth since that time.