Belmont, Calif.-based video startup
Sezmi Corp. has
announced $33 million in new growth capital, just a few days after it
laid off about 20 of its 100 employees, according to reports. The new money is apparently part of a larger Series C round
slated to be worth more than $50 million.
Chicago-based Advanced Equities Inc., the late-stage venture capital division of Advanced Equities Financial Corp., led the round, investing alongside existing stakeholders Morgenthaler Ventures, Omni Capital Group, TD Fund and Legend Ventures. Sezmi has only
announced funding one other time, when it revealed a $17.5 million round in August 2007. A Sezmi spokesperson declined to comment further on the new round.
Sezmi is developing a system through which consumers can view both traditional programming and Internet video on demand via set-top boxes. Details about the service remain fairly sketchy, but a launch is
expected in 2009.
-- Paul BonanosSee press release from Sezmi
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