TV Startup Sezmi Closes on $30 Million Funding, Even As It Lays Off Staff
This story was written by Rafat Ali.
Sezmi, the ambitious TV startup founded by Phil Wiser, former CTO of Sony (NYSE: SNE) America, has raised about $28 million in new funding, and aiming to close this third round at $50 million. However, the hopes of raising more might have to be tempered for a while with the economic conditions, and in keeping with that new reality, last week the company cut about 20 employees off its staff of 100.
Founded in 2007, Sezmi raised $17.5 million in its first round from Morganthaler Ventures, Omni Capital, and others, but no word on how much the second round was. The new round is from the previous investors, and likely others as well. For more about the company's service, read our earlier post about its official launch here. The company recently completed a technical trial in Seattle with three broadcasters, and plans to launch its service in the first half of 2009, delayig it from its earlier planned launch late this year.
By Rafat Ali