Set-top box co. Sezmi cuts staff despite new $33M
Personalized television service Sezmi announced that it has laid off about 20 of its employees even though it just brought in a $33 million tranche of an anticipated $51.5 million third round of funding. The Belmont, Calif. company cited the poor economy as its rationale. It is just one of many tech companies cutting staff to conserve cash in preparation for tighter times ahead.
Sezmi’s service comes with a set-top box that brings both high-definition broadcast and internet programming to your living room television. To do so, it licenses unused segments of the broadcast spectrum. It also offers broadcasters the opportunity to mix targeted advertising with content from different sources.
The company recently partnered with Fisher Communications, Tribune Broadcasting and Daystar Television Network to run a trial of the product in Seattle. While it hasn’t disclosed plans for the expected round of backing, it is likely that it will go toward a national rollout in the first half of 2009 (delayed from the end of this year).
The recent financing came from Omni Capital Group, Morgenthaler Ventures and Advanced Equities Funds. In 2007, Sezmi raised $17.5 million from Index Ventures, Legend Ventures, TD Fund, Western Technology Investments, Omni and Morgenthaler.
Next Story: Nabbr nabs $2.6M for social network marketing
Previous Story: Where’d the iTunes Plus area vanish to?
About the Author, Camille Ricketts
Camille is the lead writer for GreenBeat. She came to VentureBeat from Google where she worked on its traditional platforms team, particularly in TV. Before that, she was a reporter for the Wall Street Journal in New York and London. Follow her on Twitter at @camillericketts, and follow VentureBeat on Twitter at @venturebeat.
With GreenBeat 2009, VentureBeat's all-star conference on all things Smart Grid, coming up in November, Camille will be expanding coverage of this exciting space. Stay up to date by following @greenbeat2009 on Twitter or by becoming a fan of the event on Facebook here.