IP-based video delivery player MOBITV has closed more than $50 million 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 its domestic set-top-box free platform for MVPDs.
For Oak Investment Partners Managing Partner Bandel Carano, it was MOBITV’s “TVaaS” platform in North America that has allowed to take the lead in the U.S. marketplace. “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 customers include Citizens Fiber, Windstream, and EPB.
It includes 350 cable networks, including those from A+E Networks, AMC Networks, Crown Media Family Networks, C-SPAN Networks, Disney and ESPN Media Networks, SHOWTIME and Viacom.
“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 MOBITV Chairman/CEO Charlie Nooney. “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.”