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PacketVideo Closes Nearly $100 Million Series E Financing
URL(s): PacketVideo
SAN DIEGO--(BUSINESS WIRE)--March 12, 2001--PacketVideo Corp., the recognized leader in wireless multimedia,
today announced that it has raised nearly $100 million in its Series E Preferred Stock round of financing, demonstrating
continued support from some of the world's leading technology companies for the emerging global market for wireless
multimedia communications.
This round brings PacketVideo's total amount of private funding raised to nearly $140 million.
PacketVideo's Series E investors include BFD First Global Partners, GE Equity, Intel Capital, Kyocera, Mobile Internet
Capital, Motorola, MTI, Nexus Group, LLC, QUALCOMM, SAIC Venture Capital Corp., Siemens' Mustang Ventures,
Softbank Technology Group, Sun Microsystems, Texas Instruments, and Wheatley Partners. These companies join a list
of earlier investors that include Credit Suisse First Boston, Philips, Reuters, Sonera, Sony Corp. of America, and Time
Warner.
"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, chief
executive officer and co-founder of PacketVideo. "This new funding will help to propel us into 2001 and beyond and allow
us to continue to execute on our strategy."
The funds from this round will be used to further PacketVideo's growth, provide working capital, fund research and
development, and support additional resources for engineering, sales and marketing.
"PacketVideo and its management have demonstrated remarkable vision and leadership in this emerging market,"
said Stefan Abbruzzese, vice president of GE Equity. "We recognized the depth of talent in the company, which is an
important component of all of our portfolio companies. We look for a solid management team, established products or
services and the potential for rapid growth. PacketVideo is a great example of how a developing company's structure and
management can prosper in today's difficult market."
PacketVideo enables video and audio delivery over existing and next generation wireless networks to handheld
devices such as SmartPhones, personal digital assistants (PDAs), and laptop computers, bringing news briefs, traffic
reports, movie previews, and other live remote viewing applications to mobile consumers.
PacketVideo has a three-pronged business model that focuses on bringing together the critical market segments
necessary to shape the wireless multimedia industry. Those market segments include wireless networks and
infrastructure equipment; wireless silicon and devices; and content and applications.
Over the last few months, PacketVideo has continued to build incredible momentum across each of its targeted market
segments. New relationships with wireless operators include Bell Mobility (Canada), SK Telecom (Korea), Sonera
(Finland), Sprint PCS (United States), Swisscom Mobile (Switzerland) and more.
PacketVideo is working with wireless semiconductor providers that supply silicon for 90% of the world's wireless
devices, including ARM, Intel, Lucent Technologies, QUALCOMM, Texas Instruments, and Zucotto Wireless. PacketVideo
is also working with leading handset manufacturers to integrate its technology into future videophones and SmartPhones.
The company recently announced that its PVPlayer(TM) decoding software will ship with Mitsubishi Electric's new Trium
Mondo, one of the world's first integrated GPRS/GSM mobile phone and personal digital assistant (PDA) devices.
PacketVideo's software also operates on laptops and on Microsoft Pocket PC devices, including the Compaq iPAQ,
Casio's CASSIOPEIA and the Hewlett Packard Jornada.
Early on in the company's history, PacketVideo's management recognized the need for content to drive consumer
usage. The company continues to grow its content partner base and recently launched PVAirguide(TM), the world's first
wireless streaming media showcase of compelling content and applications, including video and audio clips of news,
sports, entertainment, and live events. Accessible to mobile users at www.pvairguide.com, this proof-of-concept wireless
site allows PacketVideo and its content partners to showcase the first generation of multimedia applications to wireless
operators, applications developers, and consumers. PacketVideo is also building a number of application engines that
will enable application developers to quickly leverage its technology platform.
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