Kyte mobile social network completes $21.1 million of Series B funding

Kyte logoKyte announced it has closed its Series B funding, raising a total of $21.1 million, after securing additional investments from Steamboat Ventures, a venture capital firm affiliated with The Walt Disney Company, and Intellect Capital Ventures, a venture fund initiative of TeliaSonera managed by Intellect Partners, also participating. As previously announced, several world leaders in wireless also are participating in this round, including Telefónica, Nokia Growth Partners, Swisscom and DoCoMo Capital, Inc., as well as Draper Fisher Jurvetson and Holtzbrinck Ventures, the investment arm of one of Europe’s largest media conglomerates.

With these strategic investments and partner relationships, Kyte is building a social communications ecosystem on a global scale with massive viral distribution and monetization potential. In addition, by working closely with artists and mobile carriers, Kyte is furthering its reach and expansion into media and entertainment. Kyte is currently working with artists from all four major music labels, including 50 Cent and Grammy-nominated Raheem DeVaughn. These artists use the Kyte Platform to broadcast mobile video in real-time to multiple online and mobile destinations. Fans interact with the content on the web through the embedded Kyte Player “super widget,” or from their mobile phones through the iPhone-optimized Kyte Mobile Web. Artists such as 50 Cent are experiencing millions of show views and massive viral content distribution across thousands of websites.

“Kyte is proud to be working with recognized leaders in the wireless and entertainment industries to bring premium media and entertainment content to the Kyte platform while increasing global distribution,” said Daniel Graf, co-founder and CEO of Kyte. “Steamboat’s affiliation with The Walt Disney Company and Intellect’s relationship with TeliaSonera represents significant additions to the Kyte ecosystem. Coupled with our existing strategic partnerships including Telefónica, Nokia, Holtzbrinck and NTT DoCoMo, we are certainly well-positioned to succeed by having major content providers and distributors on board.”

“Kyte’s technology is transforming online media beyond the delivery of digital content, providing fans and users with a powerful social communications channel,” said Scott Hilleboe of Steamboat Ventures. “We believe there are tremendous opportunities for major content and media companies, including The Walt Disney Company, to use Kyte’s platform to increase distribution and strengthen brand loyalty. We look forward to working with their experienced management team to expand the Company’s leading market position.”

“Kyte is a compelling opportunity because it has created an innovative social communications platform that works seamlessly across mobile devices and online destinations,” said Greg Franklin of Intellect Partners. “We are enthusiastic to partner with Kyte and help the company expand globally.”

About Kyte
Kyte provides anyone – from consumers to major recording artists – with an easy way to instantly broadcast mobile and online video to multiple destinations, including social networks, blogs and other mobile phones. For content creators, publishers and mobile operators, Kyte provides new revenue opportunities and viral distribution channels through an engaging social communications experience. The company is headquartered in San Francisco, California, with a European office in Zurich, Switzerland. Investors include Draper Fisher Jurvetson, Telefónica, Nokia Growth Partners, Steamboat Ventures, Intellect Capital Ventures, DoCoMo Capital, Holtzbrinck Ventures, Swisscom and others.

About Steamboat Ventures
With offices in Los Angeles, Shanghai and Hong Kong, Steamboat Ventures is a global venture capital fund that invests in digital media, consumer and technology companies in the U.S. and Asia. Steamboat Ventures pursues a distinctive investment strategy, cultivating investment opportunities that are simultaneously financially promising and also possess the potential to have significant strategic interest to The Walt Disney Company. Founded in 2000, Steamboat Ventures has invested in a range of leading digital media and consumer technology companies, including: Fastclick (acquired by VCLK), Iridigm Display Corporation (acquired by QCOM), Pure Digital Technologies, Quigo Technologies (acquired by TWX), Move Networks, 56.com, and UUSee. For more information, please visit www.steamboatvc.com.

About Intellect Capital Ventures
Located in Palo Alto, California and managed by Intellect Partners, Intellect Capital Ventures (ICV) is an investment vehicle of TeliaSonera that funds promising and disruptive innovation relevant to TeliaSonera’s growth initiatives. Apart from Kyte, ICV has invested in Brilliant Telecommunications and was an early investor in Good Technology (acquired by MOT).

Source: Kyte

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