MobiTV, a US-based video streaming technology provider backed by media group Hearst, has received $21m in funding from Ally Corporate Finance, part of financial services provider Ally Bank, and private equity firm Oak Investment Partners.
Founded in 1999, MobiTV produces cloud-based software that enables broadcasters to offer their content for streaming to subscribers online. Subscribers can hypothetically start watching an episode on the bus and finish on their television when they get home.
MobiTV has now raised $150m in total. Hearst joined software producer Adobe to invest $30m in MobiTV in 2006, enabling the company to close a series C round also featuring Oak Investment Partners, Menlo Ventures, Redpoint Ventures and Gefinor Ventures at $100m.
Hearst’s corporate venturing unit, Hearst Ventures, is still an investor in MobiTV according to its website, though Adobe does not list it as a portfolio company. Investment firm Leader Ventures is also a backer, having provided $5m in funding in 2008.
MobiTV filed for a $75m initial public offering in 2011, only to withdraw it a year later.