Around the Net

Sezmi Gets More Cash For Multichannel TV Service

  • TVNewsday, Friday, November 28, 2008 10:15 AM

Sezmi Corp., a startup working on an over-the-air multichannel TV service, has nailed down $33 million of additional financing. The money comes from new investors, including Advanced Equities, as well as from previous backers Morgenthaler Ventures, Omni Capital Group, TD Fund, and Legend Ventures.

Sezmi plans to compete with satellite TV and cable operators with a service that will deliver 35 to 40 cable networks, local TV stations and extensive VOD offerings for half the price. The proposed service will also link subscribers' sets directly to the Internet from which they can draw video clips and streamed linear channels.

The new round of funding will be used to complete product development and testing and bring the service to market, says CEO Buno Pati. Last week, the company laid off 20% of its staff, or about 20 people, and completed a test in Seattle with three broadcasters. Founded in June 2006, Sezmi originally initially raised $17.5 million.

advertisement

advertisement

Read the whole story at TVNewsday »

Next story loading loading..