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Idetic, Inc. Raises $15 million in Series B Financing to Drive International Expansion of MobiTV BERKELEY, Calif. --(Business Wire)-- Aug. 12, 2004 -- Adds Two New Members to Board of Directors from Redpoint Ventures and Menlo VenturesIdetic, Inc., the developer of the world's first live television network for mobile phones, said today that it has recently closed a $15 million financing round led by two major Silicon Valley venture capital firms - RedPoint Ventures and Menlo Ventures. They were joined in the financing by several of the company's original investors including Gefinor Ventures. In addition, the company announced that it has added John Jarve of Menlo Ventures and Jeff Brody of Redpoint Ventures to its Board of Directors. "Idetic plans to use the proceeds from this financing to fuel international and domestic expansion of MobiTV," said Phillip Alvelda, Idetic chairman and CEO. "In the next few months, we will bring live television and rich interactive media streams to new geographies, new carriers and new customers - consumers around the world who increasingly use their phones to stay 'in the know while on the go.' "Through this financing, we are pleased to have added the considerable business acumen and experience of both Redpoint and Menlo Ventures to our organization," continued Alvelda. "John and Jeff are seasoned experts who not only have helped validate our investment and business strategies to date, but have joined us to provide strong advice based on decades of corporate experience as we scale to meet the accelerated demand for our products and technology." "As experienced investors in the media, telecom and technology spaces, we are delighted to be working with Idetic," said Jeff Brody, a founding partner of Redpoint Ventures. "The company brings together a unique understanding of those industries that few companies can match. With its impressive array of content relationships, a proven technology offering and a rapidly-growing subscriber base we believe Idetic is well-positioned as the leading wireless multimedia solution." "We are impressed by the progress the company has made in both media and telecom - industries that are traditionally quite difficult for startups to navigate. We believe Idetic's combination of a smart and entrepreneurial management team, world-leading technology and rapid user acceptance positions it as the dominant player in mobile video delivery," said John Jarve, managing director of Menlo Ventures. About Idetic Idetic, Inc. is the developer of MobiTV, a global television network that delivers live TV broadcasts, and on-demand multimedia content to mobile phones. Launched in November 2003 and currently available to Sprint PCS Vision subscribers, MobiTV is one of the fastest selling products being sold today for cell phones. In addition to developing MobiTV, Idetic also partnered with MLB (Major League Baseball) Advanced Media to launch Mobi-MLB Gameday Audio, a service that delivers live audio feeds of MLB games to subscribers in real-time over existing cellular networks. By developing relationships with major networks and content partners and a proprietary technology that can efficiently bridge both wired and wireless networks, Idetic has become a key player in the development and delivery of products and infrastructure technologies to wireless network operators today. Founded in 1999, Idetic, Inc. is a privately held company headquartered in Berkeley, CA. For more information on the company, its products or technology, please call 510-981-1303 or visit www.idetic.com or www.mobitv.com. For more information about Idetic's investors, please visit their websites at: www.redpointventures.com www.menloventures.com www.gefinorventures.com |
