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PacketVideo Secures $16.5 Million in Funding with Support from Royal Philips Electronics, Sonera, Texas Instruments, and Time Warner

Strategic Insights

— 2 min read

PacketVideo, the global leader in wireless multimedia software and services for mobile applications, has announced the closure of a $16.5 million round of financing, bringing the total equity capital raised by the company to over $41 million. The funds will be used to further the company's growth, providing working capital, funding research and development, and supporting additional resources for engineering, sales and marketing.

This strategic investment is a significant milestone for PacketVideo, solidifying its position as a pioneer in the wireless multimedia market. The company's software-based encoding, decoding, and transmission management products enable wireless carriers to deliver a variety of content and rich media applications, not just data, to mobile devices anytime, anywhere. With the support of these renowned investors, PacketVideo is poised to expand its offerings and further revolutionize the mobile multimedia landscape.

Key Takeaways:

  • PacketVideo has secured $16.5 million in funding, bringing the total equity capital raised by the company to over $41 million.
  • The investors participating in Round D include Royal Philips Electronics, Sonera, Texas Instruments, and Time Warner.
  • The funds will be used to further grow the company, providing working capital, funding research and development, and supporting additional resources for engineering, sales and marketing.
  • PacketVideo's software is operating system, platform, and air-interface independent, enabling it to provide error-resilient technology that recognizes and conceals errors inherent in wireless networks.
  • The company's products enable wireless carriers to deliver full-motion news and financial stories, sports highlights, short entertainment clips, weather and traffic reports, home or work security cameras, or even videoconference, from any location.
  • PacketVideo's investors include notable companies such as Philips, Sonera, Intel Capital, and Time Warner.

Statistics:

  • $34.5 million: the total equity capital raised by PacketVideo prior to this round of funding.
  • $16.5 million: the amount secured in this round of financing.
  • $41 million: the new total equity capital raised by PacketVideo.
  • 14.4 kbps: the minimum bit rate required to receive enhanced video image quality on wireless networks using PacketVideo's software.
  • 226,900: the number of employees at Royal Philips Electronics, one of the world's biggest electronics companies.
  • 60: the number of countries with Philps operations.
  • $33.5 billion: the sales revenue of Philips in 1999.
  • EUR 1.85 billion: the revenue of Sonera in 1999.
  • EUR 0.5 billion: the profit before extraordinary items and taxes of Sonera in 1999.

Sources:

  • Business Wire: PacketVideo Closes $16.5 Million Financing Round (May 2, 2000)
  • PacketVideo: About Us
  • Royal Philips Electronics: About Philips
  • Sonera: About Sonera
  • Texas Instruments Inc.: About Texas Instruments
  • Time Warner Inc.: About Time Warner

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