IP-based video delivery solutions specialist MOBITV has closed over $50m (€44.12m) 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 the MOBITV CONNECT platform for pay–TV operators, which represent an estimated $200 billion in global revenue on an annual basis.
“We believe in MOBITV’s superior consumer experience and know that being the only true TVaaS commercially deployed solution in North America has differentiated their positioning in the marketplace,” said Bandel Carano, Managing Partner, Oak Investment Partners. “They have reinvented pay-TV by providing operators a platform that allows consumers to use their streaming devices or Smart TV, 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.”
“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 Charlie Nooney, MOBITV Chairman and CEO. “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 pay–TV offering in an increasingly competitive marketplace.”