Back in December Kyte.tv’s second round of funding stood at $15 million, but now Rafat Ali of Paid Content is saying it has now extended that round all the way up to $21.1 million. In the December update, the funding came from Nokia, Telefonica and Draper Fisher Jurvetson. The company has now added Steamboat Ventures and TeliaSonera, a Swedish mobile operator.
While the site started off as being more about creating streaming channels for users when we reviewed it in April of 2007, they now seem to be moving in different directions. Mobile video delivery seems to be a higher priority - hence the funding from so many mobile carriers, as well as corporate sponsorships. Though the site will still take in user-generated content, it appears it will be more themed. An example: A collection of user videos focused on the rapper 50 Cent.
All told, between their first and second rounds of funding, Kyte has raised $23.3 million.
User comment: By: Lisa ThurmondThat's the bottomline, Mike. Revenue generation and PROFIT are crucial now more than ever because of the softening economy. The looming US recession would definitely thin the herd of Web 2.0 wannabes.
Visit here to subscribe to these commentsUser comment: By: Mike BerkleyKyte's biggest challenge is how to make a buck. I challenge them to talk about revenues. How much money are they making from 50 Cent, or generating for 50 Cent? This is what they need to figure out. And I'll tell you now that $20M in funding creates a huge barrier to figuring it out.