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

“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.

News Around the Web