MobiTV Releases
PRESS COVERAGE / PRESS RELEASES / AWARDS
MobiTV, Inc. Raises $15 million in Series B Financing to Drive International Expansion of MobiTV
Adds two new members to Board of Directors from Redpoint Ventures and Menlo Ventures
Berkeley, CA – August 11, 2004 – MobiTV,
Inc. the developer of the world's first live television network
for mobile phones, said today that it has recently closed
a $15 million financing round led by two major Silicon Valley
venture capital firms - RedPoint Ventures and Menlo Ventures.
They were joined in the financing by several of the company's
original investors including Gefinor Ventures. In addition,
the company announced that it has added John Jarve of Menlo
Ventures and Jeff Brody of Redpoint Ventures to its Board
of Directors.
"MobiTV plans to use the proceeds from this financing to fuel international
and domestic expansion of MobiTV," said Phillip Alvelda, MobiTV chairman
and CEO. "In the next few months, we will bring live television and rich
interactive media streams to new geographies, new carriers and new customers
- consumers around the world who increasingly use their phones to stay 'in the
know while on the go'."
"Through this financing, we are pleased to have added
the considerable business acumen and experience of both Redpoint
and Menlo Ventures to our organization," continued Alvelda. "John
and Jeff are seasoned experts who not only have helped validate
our investment and business strategies to date, but have
joined us to provide strong advice based on decades of corporate
experience as we scale to meet the accelerated demand for
our products and technology."
"As experienced investors in the media, telecom and technology spaces, we
are delighted to be working with MobiTV," said Jeff Brody, a founding partner
of Redpoint Ventures. "The company brings together a unique understanding
of those industries that few companies can match. With its impressive array of
content relationships, a proven technology offering and a rapidly-growing subscriber
base we believe MobiTV is well-positioned as the leading wireless multimedia
solution."
"We are impressed by the progress the company has made in both media and
telecom - industries that are traditionally quite difficult for startups to navigate.
We believe MobiTV's combination of a smart and entrepreneurial management team,
world-leading technology and rapid user acceptance positions it as the dominant
player in mobile video delivery," said John Jarve, managing director of
Menlo Ventures.
About MobiTV
MobiTV, Inc. is a global television network
that delivers live TV broadcasts, and on-demand multimedia content to
mobile phones. Launched in November 2003 and currently available to Sprint
PCS Vision subscribers, MobiTV is one of the fastest selling products
being sold today for cell phones. In addition to developing MobiTV, MobiTV
also partnered with MLB (Major League Baseball) Advanced Media to launch
Mobi-MLB Gameday Audio, a service that delivers live audio feeds of MLB
games to subscribers in real-time over existing cellular networks.
By developing relationships with major networks and content partners
and a proprietary technology that can efficiently bridge both wired and
wireless networks, MobiTV has become a key player in the development
and delivery of products and infrastructure technologies to wireless
network operators today.
Founded in 1999, MobiTV, Inc. is a privately held company headquartered
in Berkeley, CA. For more information on the company, its products or
technology, please call 510-981-1303 or visit www.mobitv.com.
For more information about MobiTV's investors, please visit their websites
at:
www.redpointventures.com
www.menloventures.com
www.gefinorventures.com