PacketVideo Scores $100 Million Investment
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PacketVideo Corp., which develops technology to deliver streaming media to wireless devices, said Monday that it has raised almost $100 million in a new round of financing.
This latest financing round brings the company's total amount of private funding to almost $140 million, PacketVideo said in a statement.
"Our ability to beat the odds by raising significant funds during poor market conditions is a testament to the quality of our technology, our people, our partners and the tremendous market opportunity we face," said James Carol, PacketVideo's CEO and co-founder.
PacketVideo has focused its efforts in building its technology into chipsets used for current-generation and future-generation wireless devices.
The newly-acquired funds will provide working capital and will fund research and development, sales and marketing, the company said in a statement.