MOBITV adds $50m in fundingMonday, July 1st, 2019
MOBITV Announces $50M in Funding to Fuel International Growth for MOBITV CONNECT™ Platform
- 90 Pay TV Operators Select MOBITV CONNECT to Deliver App-Based Television to More than Two Million Subscribers Across North America
EMERYVILLE, Calif. — MOBITV, the leader in IP-based video delivery solutions, today announced it has closed over $50M in funding from Oak Investment Partners, Ally Financial, and Cedar Grove Partners. The funding will be used to accelerate the growth of Company’s international footprint, while it continues to strengthen the MOBITV CONNECT platform for forward-thinking PayTV operators, which represent an estimated $200 billion in global revenue on an annual basis.
“We believe in MOBITV’s superior consumer experience and know that being the only true TVaaS commercially deployed solution in North America has differentiated their positioning in the marketplace,” said Bandel Carano, Managing Partner, Oak Investment Partners. “They have reinvented PayTV by providing operators a platform that allows consumers to use their streaming devices or SmartTV, while eliminating the requirement of a STB – without completely alienating it! This leaves room for everyone to evolve and future-proof their cable offering at a pace comfortable for both operators and consumers.”
MOBITV CONNECT delivers enormous value to operators through a full end-to-end platform, simplifying the cost and internal support structure of operators by addressing a complex environment into a single solution. MOBITV’s popular multi-tenant solution can be deployed through either a managed service or in-network offering, allowing the Company to address operators of all sizes, in a cost-effective manner. Customers such as Citizens Fiber, Windstream, and EPB have all chosen MOBITV CONNECT to future-proof their cable offering, while more than 350 popular networks such as A+E Networks, AMC Networks, Crown Media Family Networks, C-SPAN Networks, Disney and ESPN Media Networks, SHOWTIME®, Viacom, and others have granted MOBITV hosted streaming delivery rights, helping operators go to market faster with a cost-effective model that doesn’t require material capital outlays or an upgrade to traditional headend infrastructure.
“Our vision of creating leading edge video experiences and technology in a unique, cost-effective manner has allowed MOBITV to win business faster than anyone else in the industry, with 90 operators selecting MOBITV CONNECT since we first launched the platform in 2016,” said Charlie Nooney, MOBITV Chairman and CEO. “We’re equally proud to have a nod from the National Cable Television Cooperative (NCTC), as they selected MOBITV as a premiere partner for app-based Pay-TV video solutions delivery in 2017. This further distinguishes our signature offering. We continue to demonstrate our ground-breaking approach to addressing operator challenges as they upgrade their PayTV offering in an increasingly competitive marketplace.”