Widevine raises cash as new opportunities loom in digital TV |
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Mass High Tech
Widevine raises cash as new opportunities loom in digital TV
Widevine Technologies has raised a fresh round of capital. But Chief Executive Brian Baker said there's a lot more to the story than that. The 10-year-old company -- which has been operating at break even -- is lining up cash from what Baker described as "very large customer."
He plans to announce the financing and details of the strategic partnership in the coming weeks. A Securities and Exchange Filing yesterday indicated that Widevine had raised $7.2 million of a $9.5 million round, but Baker said that amount as inaccurate.
It could be that the capital is simply part of a larger financing round, but Baker declined to discuss details. He said the company -- which securely delivers digital television to mobile devices -- was not actively looking for venture capital money. But, after the customer approached him, a deeper relationship occurred.
Widevine certainly has been well-funded over the years, raising more than $65 million in capital from the likes of Cisco, Constellation Ventures, Charter Ventures and VantagePoint Venture Partners.
Its customers include Blockbuster, Best Buy, Echostar and AT&T. Widevine employs about 65 people.
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