MOBIDIA TOPS OFF SERIES A WITH Cdn$3.75 MILLION IN NEW FUNDING, LED BY BDC VENTURE CAPITAL
Additional Capital Brings Total Funding to Cdn$7 Million to Fuel Company's Multimedia Service Solution for Carriers
VANCOUVER, B.C. Canada January 22, 2007
Mobidia Inc. today announced that it has raised Cdn$3.75 million in its second round of Series A funding. This brings the company's Series A total funding to Cdn$7 million. The round was led by existing investor BDC Venture Capital with the participation of current investors British Columbia Discovery Fund and B.C. Advantage Funds. Mobidia is a service performance management company that lets wireless network operators monetize multimedia applications, such as the sharing of user-generated content, by dramatically increasing the quality of the end-user experience.
"BDC has increased its investment in Mobidia because of the company's achievements and the important market potential for its technology," said Greg Smith, director, Technology Seed Investments at BDC and a member of Mobidia's board of directors. "Mobidia benefits from a strong management team and innovative solutions - the company is poised to become a leader in its sector," he added.
"British Columbia Discovery Fund, Mobidia's largest investor, stepped up its investment in Mobidia because the demand and excitement around mobile multimedia applications is dramatically increasing," said Charles Cook, investment manager of BC Discovery Fund and a director of Mobidia. "Mobidia's strength in improving the user experience with user-generated video certainly is timely in light of Apple's™ recent iPhone announcement."
"This latest round of funding will enable Mobidia to further develop its product set and focus its efforts on sales and marketing," said Gary Tauss, president and CEO of Mobidia. "We are seeing strong demand for our .wave solution from carriers that want to differentiate their multimedia services and price them based on quality, customer experience, and usage behavior. These new funds will ensure that Mobidia has the necessary resources to accelerate this momentum."
Mobidia's .wave multimedia services product set is an end-to-end solution that enables wireless network operators to profitably offer new services and applications, such as the sharing of user-generated content and mobile video, while setting new standards for the mobile user's quality of experience. A unique device , network-, and application-aware architecture makes .wave the only source-based solution that enables carriers to manage usage so they can deliver their paid services first, ahead of unpaid services, allowing them to generate revenues from premium-level services.
About Mobidia Technology Inc.
Mobidia Technology, Inc., develops and sells IP traffic management software for monitoring, managing, and monetizing wireless data streams to and from smartphones and laptops. The company's innovative and award-winning,
.wave™ (dot wave) solution enables wireless operators to enhance their mobile data network by understanding and managing their user data streams on a per application, per service, and per network basis. Mobidia is headquartered in Vancouver, British Columbia. For more information, visit
www.mobidia.com or call (604) 304-8640.
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Mobidia is a service mark of Mobidia Technology, Inc.
Mobidia Technology, Inc.
Sales Contact:
Allan Larmour
VP of Business Development
Email: al.larmour@mobidia.com
Phone: +1 604.304.8640 Ext. 100
Media Contact:
Jill Koehler
Email: jill.koehler@mobidia.com
Phone: +1 604.304.8640 Ext. 136
For all other inqueries about Mobidia Technology, Inc., please call +1 604 304 8640, fax +1 604 304 8447, or email via
info@mobidia.com. For additional information, visit
www.mobidia.com.
