mobitv.bmpMobiTV, the Emeryville start-up that offers TV and other digital content to your mobile phone and other connected devices, is soaking up the cash.

It has just raised $30 million more in its third round of venture capital, GigaOm reports. This make for a total of $100 million since July — and its valuation reportedly already exceeds $400 million.

Is this company red hot, or is it getting bloated? It started out serving mobile phones. But it has since expanded to support any device with broadband — via any WiFi, or with provider AT&T.

Large investors like Oak need to put their money to work, and so are willing to pay a high price. It has invested the most so far. The latest investors in MobiTV are Hearst Corp. and Adobe Systems. Hearst, of course, has all kinds of media properties, and it would make sense to distribute it over mobile phones and other gadgets. Adobe, meanwhile, is also flush with cash for ventures, having created a new venture arm. And Adobe, too, is interested in digital media distribution. It wants to support Apollo, its new system for running applications written in Flash, HTML, and JavaScript from the desktop.

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