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MobiTV Closes Funding Round

MobiTV announced the second close of its series-C funding, bringing the mobile- and broadband-TV provider an additional $30 million investment.

Adobe Systems and Hearst were new investors in the round, helping to bring its total to more than $100 million. Adobe and Hearst joined Oak Investment Partners, Menlo Ventures, Redpoint Ventures and Gefinor Ventures.

“We are truly fortunate to have garnered such a fantastic set of partners that share our vision of transforming the way people experience and interact with TV and radio wherever they are, no matter what device they happen to be watching," MobiTV chairman, CEO and cofounder Phillip Alvelda said in a prepared statement.

"We plan to use these funds to strengthen our current market lead and to invest in further research and development of new network technology standards such as WiMAX,” he added.