A change of heart...
PacketVideo Closes $16.5 Million Round D Financing with Key Strategic Partners
SAN DIEGO, Calif. ? May 2, 2000 ? PacketVideo, the global leader in wireless multimedia software and services for mobile applications, today announced that it has closed a $16.5 million round of financing, bringing the total equity capital raised by PacketVideo to more than $41 million. Stockholders participating in Round D include:
ú Royal Philips Electronics ? one of the world's leading electronics companies and Europe's largest
ú Sonera ? an international forerunner in mobile communications and mobile-based services and applications
ú Texas Instruments ? the world leader in DSP and analog, and leading provider of programmable solutions for current and next-generation digital wireless handsets.
ú Time Warner ? the world?s leading media company
The funds from this round will further the company?s growth, providing working capital, funding research and development, and supporting additional resources for engineering, sales and marketing.
?We are pleased to announce the addition of these investors,? said Jim Carol, co-founder and CEO of PacketVideo. ?We believe their support will further our objective to be the leading provider of software solutions that enable the encoding, storage, transmission and decoding of rich digital media over wireless networks.?
PacketVideo?s MPEG-4 compliant 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. PacketVideo?s software is operating system, platform, and air-interface independent. Its error-resilient technology recognizes and conceals errors inherent in wireless networks, enabling mobile information devices to receive enhanced video image quality on wireless networks with bit rates as low as 14.4 kbps as well as 2.5G and 3G networks. With PacketVideo software, people will be able to access and view 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.
About PacketVideo Corporation
PacketVideo is the global leader in wireless multimedia software and services for mobile applications. The company?s MPEG-4 compliant encoding, distribution and decoding software enables content providers and carriers to deliver rich media, not just data, to mobile users anytime, anywhere over any digital wireless network.
Founded in 1998, PacketVideo is based in San Diego, California, in the heart of ?Telecom Valley.? The company?s investors include Credit Suisse First Boston, Intel Capital (Nasdaq:INTC), Nexus Group LLC, Philips (NYSE:PHG), QUALCOMM Incorporated (Nasdaq:QCOM), Reuters Group PLC (Nasdaq:RTRSY), members of the Rockefeller family, Siemens Mustang Ventures, Sonera (HEX:SRA, NASDAQ:SNRA), Sony Corporation of America (NYSE:SNE), Texas Instruments (NYSE:TXN), Time Warner (NYSE: TWX), and others.
About Philips
Royal Philips Electronics of the Netherlands is one of the world?s biggest electronics companies and Europe?s largest, with sales of $33.5 billion (EUR 31.5 billion) in 1999. It is a global leader in color television sets, lighting, electric shavers, color picture tubes for televisions and monitors, and one-chip TV products. Its 226,900 employees in more than 60 countries are active in the areas of lighting, consumer electronics, domestic appliances, components, semiconductors, medical systems, and IT services (Origin). Philips is quoted on the NYSE (symbol: PHG), London, Frankfurt, Amsterdam and other stock exchanges. News from Philips is located at www.news.philips.com
About Sonera
Sonera (HEX: SRA, NASDAQ: SNRA) is an international forerunner in mobile communications and mobile-based services and applications. By combining its expertise in mobile communications, the Internet and service provision, Sonera aims to develop into a global communications operator and provider of transaction and content services. The company also provides advanced data communications solutions to businesses, and fixed network voice services in Finland and its nearby areas. In 1999, Sonera's revenues amounted to EUR 1.85 billion and profit before extraordinary items and taxes was EUR 0.5 billion.
About Texas Instruments
Texas Instruments Incorporated is the world leader in digital signal processing and analog technologies, the semiconductor engines of the Internet age. The company?s businesses also include materials and controls, and educational and productivity solutions. TI is headquartered in Dallas, Texas and has manufacturing or sales operations in more than 25 countries.
About Time Warner
Time Warner Inc. (NYSE: TWX, www.timewarner.com) is the world's leading media company. Its businesses include cable networks, publishing, music, filmed entertainment, cable and digital media.
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