Akimbo Gains Investors28 Jun, 2006 By: Jessica Wolf
TV-based video-on-demand service Akimbo has some new high-profile investors.
The company announced it has closed a $15.5 million investment round. New investors are Cisco Systems Inc., the worldwide leader in Internet networking, AT&T Inc., one of the world's largest telecommunications holding companies, and venture capital firm Blueprint Ventures. Existing Akimbo investors include Draper Fisher Jurvetson, Kleiner Perkins Caufield & Byers and Sprout Group and Zone Ventures.
"These new investors position us perfectly for the future," said Akimbo CEO Joshua Goldman. "Cisco and AT&T are emerging as two of the most innovative companies in the world in terms of creating new ways for video to reach consumers. Their strategic insight and extensive resources will help bring Akimbo's content and service into millions of homes on a variety of devices.”
Akimbo is a subscription VOD service that runs $9.99 per month. Users can access it through the “Online Spotlight” area of Microsoft Media Center Edition 2005 PCs and through the company's own Akimbo Player set-top box.
This fall, Akimbo and Thomson Corp. will launch the RCA Akimbo Player, a new Internet VOD set-top box for television. The RCA Akimbo Player features the complete Akimbo Service with new release movies from Movielink.
Akimbo also will soon be available to subscribers of AT&T's Homezone(TM) service, scheduled to launch later this summer. AT&T Homezone subscribers will use their integrated set-top boxes and AT&T Yahoo! High Speed Internet connection to access thousands of video programs and movies, in addition to television programming over satellite from AT&T DISH Network.