Braintree, Mass.—12/17/2000 7:00 PM Eastern
Commerce.TV Corp. secured $23 million in a third round of financing to help the company with marketing expenses and to attract additional MSOs to its interactive television platform.
Investors in the current round of financing include Motorola Inc., Audax Group, Center Partners/ITV Partners and Sandler Capital, along with further investment from Citigroup Technology Ventures. Earlier strategic investors included OpenTV Inc. and Insight Communications Co. Inc. Commerce.TV had raised about $32 million in two previous rounds of funding.
So far, Commerce.TV has signed on Insight Communications Co. Inc. for its interactive platform, but Commerce.TV founder and CEO Matt Kay said in an interview that two additional MSOs could be announced before the end of the year. That the company is negotiating with several top-five MSOs on similar deals, he added.
Commerce.TV should roll out the service on an as-yet-unidentified Insight market with about 100,000 subscribers by the first quarter of next year.
"We're just getting to the deployment stage," Kay said.