This funding comes from existing investors Oak Investment Partners and Ally Financial along with new investor Cedar Grove Partners.
MobiTV was originally launched in 1999 as a direct-to-consumer mobile video delivery service that operated through partnerships.
Since then the company has gone onto build its MobiTV Connect platform which provides white-label hosting streaming solutions for small-midsize pay-TV operators.
MobiTV Connect, which launched in 2016, now has 90 cable and telco operators as customers. These include Citizens Fiber, Windstream, and EPB. MobiTV also has a partnership with the National Cable Television Cooperative (NCTC).
Bandel Carano, managing partner, Oak Investment Partners, said: “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.”
“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, Mobi TV chairman and CEO.
“We continue to demonstrate our ground-breaking approach to addressing operator challenges as they upgrade their PayTV offering in an increasingly competitive marketplace.”