RealTime IT News

PacketVideo Scores $100 Million Investment

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.

Investors include in this latest round include GE Equity, Intel Capital, Kyocera, Mobile Internet Capital, Motorola, QUALCOMM, Siemens' Mustang Ventures, Softbank Technology Group, Sun Microsystems and Texas Instruments. Earlier investors include Credit Suisse First Boston, Philips, Reuters, Sonera, Sony Corp. of America, and Time Warner.

The newly-acquired funds will provide working capital and will fund research and development, sales and marketing, the company said in a statement.