PacketVideo Gets $16.5 Million in Financing

TPacketVideo (http://www.packetvideo.com) announced that it has closed a $16.5 million round of financing. Investors include Royal Philips Electronics, Sonera, Texas Instruments and Time Warner.

Money from this round will be used to fund research and development, and sales and marketing.

"We are pleased to announce the addition of these investors," said Jim Carol, co-founder and CEO of PacketVideo. "We believe their support will further our objective to be the leading provider of software solutions that enable the encoding, storage, transmission and decoding of rich digital media over wireless networks."

PacketVideo makes MPEG-4 compliant software-based to enable wireless delivery of audio/video.