Orb Restructures; CEO Out

Om put a mildly positive spin on it, but it is a sad story: a half-baked product in a half-ready market with a half-sure business model. Orb Networks, one of the Silicon Valley startups in the place-shifting video space (a box/service which allows to watch your TV and video from anywhere) is changing its CEO and parting ways with some employees.

The co-founder and angel investor Joe Costello is taking on as CEO. The company raised $4 million in first round funding last year, from Morgenthaler Ventures and Om says the company is now lookig to raise another $10 million.

Related:

Place-shifting TV Could Raise New Copyright Concerns

Orb Media Goes Ad-Supported; Signing Up Content Providers

Sprint To Bundle Orb Media Access With DSL

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