Personalized television service
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.