Vringo gets USD 12 million Series B funding
Rating: you have definitely been vringo’d
By Bena Roberts
Vringo the video ringtone company has USD 12 million in funding from a Series B round led by Warburg Pincus.
From the press release
“Vringo set out with an ambitious goal to make video ringtone sharing finally work,” said Jon Medved, the founder and CEO of Vringo. “We are delighted to be working with Warburg Pincus, a firm that shares our vision and recognizes the enormous consumer potential in sharing video ringtones. Their extraordinary track record, truly global reach, corporate relationships and strategic insight will bring huge value to Vringo as it grows.”
“We are very excited to be involved with Vringo at a time when consumers are poised to benefit from the explosion of multimedia mobile devices,” said Mr. Allen of the New York-based firm, which has been a premier investor in technology, media and telecommunications. “Vringo is uniquely positioned to shape and ride the second wave of mobile personalization, and the company has the talent to make it happen.”
What we think?
The idea behind Vringo is great. Its simple and users can view, upload and share video clips when they are dialling a number. We have liked this from the start. But there is competition coming and Vringo is still in BETA which means that it must use this money to start a commercial service and more importantly seek handset support. Launching a service such as this on one or two devices is not going to fuel growth. Handset interoperability is the key, moving forward.
More: http://pushingthebarrier.typepad.com/pushing_the_barrier/2007/05/vringo_shared_v.html
http://pushingthebarrier.typepad.com/pushing_the_barrier/2007/04/video_ringback_.html
http://pushingthebarrier.typepad.com/pushing_the_barrier/2007/01/vringo_new_serv.html
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