TV set-top box startup Sezmi (formerly Building B) is looking to raise $50 million in new venture capital, and has retained Advanced Equities to place the deal. From PE Hub, which uncovered the news in a July 18th regulatory filing:
The document reports that just under $14 million has been “sold,” which means either (A) It’s still looking for fresh capital, or (B) It has $50 million in commitments, but has not yet called it all down – due to either preference or milestone requirements.
Previously, Sezmi had raised $18 million. But I think investors looking to pony up for this $50 million round may want to think twice.
Sezmi, which will go into private trials later this year, is hoping to upend the existing TV distribution by using a combination of over-the-air digital broadcasts and broadband connectivity (see our previous coverage). In its current state, I think Sezmi is too confusing for the average Joe to capture mainstream acceptance. The battle over your TV will be won by the likes of Apple, Netflix or Amazon.