The San Francisco startup that is tapping into the exploding popularity of online video with some top talent and investors has received an investment in the "single-digit millions" from Nokia Growth Partners, the private-equity and venture capital arm of Nokia.
Kyte.tv will use the cash infusion to continue to expand its service that allows users to create interactive online television channels on the go.
The investment follows Kyte.tv's recent announcement that it landed an investment from Swissom and Holtzbrinck Ventures in Europe.
Rob Trice of Nokia Growth Partners said in a statement that the investment is a "logical step" in the convergence of the Internet and the communications industry. Kyte.tv combines the trends of social networking, user-generated content and mobile services, he said.
Kyte.tv founder Daniel Graf said he thinks Kyte fits well into Nokia's strategy of morphing from a device company into more of a service company. And, he says, Nokia ships 450 million mobile devices a year. "Imagine the possibilities," he said.
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