The Akimbo video-on-demand service wrapped up a new round of $15.5 million in investment capital as Cisco and AT&T both signed on along with several venture capital firms to bolster the company.
San Mateo’s Akimbo Systems disclosed its latest round of fundraising brought in a couple of well-known names along with the cash infusion.
Both Cisco (CSCO) and AT&T (T) have gained a toehold in Akimbo, which does Internet video-on-demand service for television. Many see TV over IP as the next significant advance in Internet usage, and privately held Akimbo with its 12 patent applications on over 150 claims could be the player to enable it.
Users of the Microsoft Media Center 2005 system can already access the Akimbo service. Akimbo said it offers a collection of over 10,000 video and movies in about 100 different categories for its customers.
“These new investors position us perfectly for the future,” said Joshua Goldman, CEO of Akimbo. “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.”
The companies do provide impressive heft to Akimbo’s plans. Cisco ranks as the leading networking company while AT&T has returned to some of its pre-breakup telecom dominance with its melding into SBC and subsequent acquisition of BellSouth.
Akimbo will open for availability to AT&T Homezone subscribers, in a service scheduled to debut later in the summer of 2006. Other Akimbo plans include a set-top box from RCA released as part of Akimbo’s deal with RCA owner Thomson Corp.
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David Utter is a staff writer for Murdok covering technology and business.
