MobiTV Takes $21M in Funding, Will Expand IP Delivery Platform
The MobiTV Connect Platform is getting a $21 million cash injection. MobiTV, an online video services company based in Emeryville, California, announced today that it's receiving $21 million in Series D funding from Oak Investment Partners and Ally Corporate Finance. Oak Investment led a $70 million round back in 2006, while Ally Corporate is a new investor. The main beneficiary of this funding will be the company's MobiTV Connect Platform, which helps cable and satellite pay TV companies make the transition to IP-based delivery. This round brings MobiTV's total funding to roughly $180 million.
"This new funding will allow us to expand our reach as well as further our investment in innovation, giving providers the ability to deliver video over IP and seamlessly blend on-demand, live TV, catch-up TV, network DVR, advanced voice controls, recommendations, and much more across any device their subscribers use to consume content, including streaming boxes, connected TV devices, PCs, tablets and mobile phones," says Bill Routt, MobiTV's COO.
MobiTV says its offering helps operators future-proof their services since they can add new technologies and features without replacing legacy set-top boxes. Pointing to one success, MobiTV says the live video service for India's Reliance Jio Infocomm Limited is powered by MobiTV, and has supported over 95 million unique users since launching in September 2016. Subscribers enjoy over 400 live channels, 7-day catch-up service, and a cloud DVR through the JioTV app.
Other MobiTV customers include DirectLink, C Spire, and Citizens Fiber, all of which are based in the United States.
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