MediaPhy, San Jose start-up developing chips for streaming TV over cellphones, has apparently hit some bumps.
Earlier this year, the company told VentureWire it was going to raise up to $10 million by May, but now it has gone quiet on those plans, and its chief executive has left the company, according to the latest VentureWire report (sub required).
Founded in 2004, MediaPhy closed a $4 million tranche of Series B funding from ATA Ventures this spring. At the time, ATA Ventures Managing Director Michio Fujimura told VentureWire that the company would proceed with adding up to $6 million more to the round within the next few months.
Update: The company has raised a total of $6 million for the second round, but hasn’t been able to find more for lack of VC interest, VentureWire has since clarified