News

Heavy Hitters Fund ICTV

6/25/2000 8:00 PM Eastern

Los Gatos, Calif.-ICTV Inc. secured a second round of private investment worth $87 million from some top cable companies, including Adelphia Communications Corp., Motorola Inc., Liberty Digital Inc. and TV Guide Inc.

Other investors are ACTV Inc., OpenTV Inc. and Shaw Communications Inc. They join early investors Cox Communications Inc. and Lauder Partners. Lauder Partners also invested in the second round.

"We were looking to raise money to take ICTV to commercial application," chairman Robert Clasen said. "This is really funding to complete our trials later this year and go into deployment in 2001."

Clasen added that trials could begin as soon as the third or fourth quarter of this year.

ICTV has developed a delivery platform that provides cable operators with a headend-based solution that enables delivery of broadband Internet, e-mail and interactive-TV applications to any digital set top.

Separately, ICTV said it reached an integration agreement with TV Guide that will enable the implementation of ICTV's broadband interactive-TV browser with TV Guide Interactive. Cable systems using TV Guide's interactive program guide will be able to offer enhanced capabilities for delivery of interactive television.

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