MvDTV Closes $7M Funding Round
April 16, 2004
MyDTV Inc. recently closed a $7 million financing round led by Walden VC, resulting in the appointment of Larry Marcus of Walden VC to MyDTV's board of directors. Marcus is a general partner at Walden VC, focusing on new media spanning infrastructure, services and content. MyDTV's prior investors, Rothschild Ventures and Defta Partners, also participated.
MyDTV will use the additional capital to support ongoing development of the company's TV metadata technology, which connects to programmers' production systems, generates metadata from the information and broadcasts it to the viewers' digital receiver, enabling programmers and operators to attract and retain interested audiences while generating additional revenue streams; and expand business development, marketing and customer support efforts, as research shows customer retention has become a chief concern as viewer demand for variety and convenience increases.